The loans include a five-year fixed rate deal at 5.75% and a three-year Bank of England Base Rate tracker plus 0.95% (current rate 5.20%) with up to £1,000 cashback. There is also the España Variable Rate loan, which tracks the Bank of England Base Rate plus 2.00% (current rate 6.25%) and has unlimited capital repayments.
Highlights of the five-year fixed rate deal
* 5.75% fixed until 1 January 2009
* Maximum loan to value of 66%
* No extended lock-ins
* £199 application fee
* Tapered early repayment charge of 6 months interest in year 1 reducing to 4 months in year five.
Highlights of the three-year Bank of England Base Rate tracker deal
* Tracks Bank of England Base Rate plus 0.95% until 1 January 2007 (current rate 5.20%)
* 1% cashback up to a maximum £1,000
* Maximum loan to value of 66%
* No extended lock-ins
* No application fee
* Tapered early repayment charge of 6 months interest in year 1 reducing to 4 months in year three
Highlights of the España Variable Rate deal
* Tracks Bank of England Base Rate plus 2.00% (current rate 6.25%)
* Unlimited capital repayments
* No early repayment charge at any time
* Maximum loan to value of 66%
* No application fee
Commenting on the new expansion, Gibraltar operations manager, Sally Butcher said, "The expansion into the Costa del Sol was an exciting development for the Society and a great way to celebrate the first birthday of the branch on the Rock. We are now pleased to include our network of UK mortgage introducers in this. The range has something for everyone and will suit UK residents or Expats in thinking of moving or wanting a second home on the Costa del Sol.
"The venture follows our rapid growth into the savings and investment market in Spain and Gibraltar and is a great commitment to the future of Gibraltar."
Corporate Relationship Manager, Jeff Kirk said: "Many of our mortgage introducers have clients who either own or are looking to own property in Southern Spain. They are now able to offer the range of Leeds & Holbeck’s Spanish lending products to these customers, whilst receiving a procuration fee."
For further information on the products and submission procedures, and details of their nearest district development manager, mortgage introducers can telephone the Development office on 01543 418 104 or visit www.leedsintroducer.co.uk.
