N&P enhances range

It has added three mortgages to its Spanish range: a two-year and five-year fix and a tracker product.

Richard Barker, product manager at N&P, said: “With an estimated 761,000 Britons living in Spain and the trend to move abroad showing no signs of slowing, we are constantly reviewing our product range to ensure we meet our customers’ needs. Customers will now have the choice of two attractive fixed rate mortgage options, each with a very competitive follow-on rate of Bank Base Rate + 1 per cent. Alternatively, our new tracker offers a great rate for the term of mortgage, which is one of the lowest currently available for those looking to buy in Spain with a Sterling loan.”

Product details:

Fixed rate products

• 5.59 per cent fixed for two or five years, followed by Bank Base Rate + 1 per cent for term

• Maximum 75 per cent loan-to-value (LTV)

• £499 reservation fee

• Valuation fee from £250

• £125 application fee

• 5 per cent redemption fee within the deal period

Tracker mortgage

• Bank Base Rate + 0.24 per cent for term

• Maximum 75 per cent LTV

• £599 reservation fee

• Valuation fee from £250

• £125 application fee

• 7 per cent redemption fee within first seven years

(N&P) has also launched two Offset Tracker products.

Barker added: “These two new Offset mortgages compare very well with what’s currently available. The new products track the Bank Base Rate for the term of the mortgage, ensuring that our customers benefit from a long term competitive rate of interest. And our Offset customers like their flexibility and the opportunity to save on the amount of interest paid and potentially pay off their mortgage earlier.”

Product details:

Offset with Gold Current Account

• Bank Base Rate +0.44 per cent for term (current payable rate of 5.44 per cent)

• Maximum 90 per cent LTV

• £499 reservation fee

• Free valuation

• Free legal fees or £200 cashback for re-mortgages

• No redemption charges

• Minimum advance of £50,000

• Mandatory active Gold Current Account required

Offset with Optional Gold Current Account

• Bank Base Rate +0.59 per cent for term (current payable rate of 5.59 per cent)

• Maximum 90 per cent LTV

• £499 reservation fee

• Free valuation

• Free legal fees or £200 cashback for re-mortgages

• No redemption charges

• Minimum advance of £50,000

• Gold Current Account optional