Norwich and Peterborough Building Society (N&P) has today announced that it will launch a ten year fixed rate mortgage – the lowest ever on the market offering excellent value for those looking for a longer term option.
From Wednesday 25 th January the new mortgage product is available at a best buy rate of 3.99% up to 75% LTV with a fee of only £295. Adding even more value to the product, borrowers receive a free valuation and free legal fees (for re-mortgages) or a £200 cashback option (for purchase customers).
Commenting on the new mortgage, Product Manager for N&P Richard Barker said; “We are delighted to launch this new product and it is one we are confident will be well received in the market. The current swap rates have allowed us to look at our mortgage provision and offer this excellent product. We know that this competitive rate will be welcome news for those who wish to fix for a longer period of time giving them the certainty of what their monthly payments will be for the duration of their loan.
Since our merger with Yorkshire Building Society at the end of 2011 we have been working to increase the mortgage products that we provide and this is an example of the competitive rates that we will be offering throughout 2012. Additionally, we believe the low fee on the product alongside the valuation, legal and cashback options will be attractive to those trying to get on the property ladder together with those looking to remortgage.”
Insight Analyst from Defaqto financial website David Black said the product would be welcome news for consumers; “There are very few long term fixed rate mortgages currently available on the market and this one has the lowest rate as well as a low fee option. If you know that you’re going to stay in your property for a longer period of time and want a long term rate - then certainly this new product from Norwich and Peterborough Building Society offers a good solution and is worth considering.
Please note, this product has now been withdrawn.