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N&P enters Gibraltar buy-to-let market
Norwich and Peterborough Building Society N&P has made additions to its mortgage product ranges for customers looking to buy in Gibraltar or Spain - the launch comprising a new buy-to-let mortgage for people looking to buy a rental property in Gibraltar, as well as a new further advance product and new base rate tracker for its Spanish home loans.
The Gibraltar buy-to-let mortgage, for example, charges Bank Base Rate 1.00% for the term. And on a maximum LTV of 85%.
A 0.50% reservation fee is in force, as is a valuation fee from £135.
There are no early redemption charges. Rental coverage meanwhile is 125%.
Minimum advance is £50,000.
Alternatively, borrowers can opt for a 6.24%, 3-year fixed rate deal, followed by Bank Base Rate 1.00% for the term. Maximum LTV is 85%.
A 0.50% reservation fee is in force, as is a valuation fee from £135 and an early redemption charge of 5/4/3% in the first three years.
Minimum advance is £50,000 with 125% rental coverage.
For those buying in Spain there is the Spanish Further Advance charging Bank Base Rate 0.89% for the term. And on a maximum LTV of 75%.
There is no reservation fee and there are no redemption charges.
Finally, the Spanish Tracker Mortgage charges Bank Base Rate 0.75% for the term - again on a maximum LTV of 75%.
A £599 reservation fee is in operation, as is a valuation fee from £250 and £125 application fee. There are no redemption charges.
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2006-11-01 10:36:48 © Moneyextra.com
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