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N&P reduces fixed mortgage rates

26 September 2005

Norwich & Peterborough Building Society has reduced the rates on its UK and Spanish fixed rates mortgages.

There have been reductions across the board of at least 0.1 per cent, while on Spanish mortgages there have been reductions of at least 0.14 per cent.

The mortgages retain their attractive flexible features, such as an overpayment facility from the outset and no compulsory insurances.

The rate cuts give borrowers better value for money, and the reductions on the Spanish mortgages are good news to those looking to invest in property abroad.

Spain remains a popular European destination for Brits buying property abroad. Spanish government tourism figures for the month of July, traditionally the most popular month for visiting the country, show a ten per cent increase in visitors compared to last year.

A recent poll by Assetz revealed climate is the factor that most influences Brits buying abroad, as well as proximity to a town, in order to sample local culture and traditions.

Stuart Law, managing director of Assetz, commented on the British attitude towards buying property abroad: "Roasting on the beach for days on end is no longer enough for the sophisticated holiday home owner, who is often looking for a taste of the 'village life'."

Catalonia is the most popular area for both tourism and property investment. The tourism figures indicated a five per cent increase in British tourists this year compared to the same period last year.

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