The product will track the Bank of England Base Rate (BBR), which the organisation said should make it easier for consumers to understand. The pay rate has been set at 4.99 per cent for life, 0.49 percent above BBR.
The product is available up to 75 per cent loan-to-value (LTV), for any property with a market value of £60,000 or over. There is no minimum loan and the maximum loan is £1,000,000. The product also comes with no early repayment charges (ERCs).
The Mortgage Times Group has set its procuration fee at 0.40 per cent, with its broker procuration fee of 0.36 per cent. Procuration fees are also paid in sterling without any exchange rate charges.
Richard Stokes, head of product and lender development at The Mortgage Times Group, said: “Mortgage Times is committed to offering a wide variety of product facilities to its members. This latest offering is our first overseas exclusive mortgage and we have high hopes as it focuses in on the core region of Spain, a traditionally popular destination for Brits. In conjunction with Norwich and Peterborough, we have tried to make this as accessible as possible by offering a tracking facility.”
Jock Cassidy, managing director of Ashley Law commented: “At 0.49 per cent above BBR for life, on the surface this product and proposition seem like an exceptionally good deal. The only implication is for Brits buying abroad, where the property they are buying is not their primary residence. Will there be restrictions on buy-to-let?”
