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N&P reduces rates on fixed mortgages

Norwich & Peterborough Building Society is reducing the rates on its range of fixed-rate mortgages following the 0.25 per cent cut in the Bank of England base rate at the beginning of February.

N&P says it now offers its lowest-ever five-year fixed rate at 4.48 per cent on loans up to 90 per cent loan to value and 4.68 per cent up to 95 per cent LTV, down from 4.79 per cent and 4.99 per cent previously.

The redemption penalties are 5 per cent in the first three years, 4 per cent in the fourth and 3 per cent in the fifth.

Its two-year fixed loan is now available at 3.99 per cent up to 90 per cent LTV and 4.19 per cent up to 95 per cent LTV, down from 4.58 per cent and 4.19 per cent respectively.

Remortgages for the two-year deal have free valuation and legal fees. Redemption penalties are 3 per cent during the fixed period.

All mortgages carry an arrangement fee of £199. Underpayments are also allowed provided they are funded by previous overpayments.

Group product manager Gary Lacey says: “At 4.48 per cent, we are offering our lowest-ever five-year fixed rate. This is great news for borrowers keen to keep monthly repayments locked into an attractive interest rate for as long as possible while interest rates are at such low levels.

“For homebuyers with higher incomes, this scheme offers the opportunity to borrow more with the security of knowing that any upward interest rate changes will not affect their monthly repayments during the next five years.”

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