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N&P launches new fixed rates

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Norwich & Peterborough Building Society has become the latest lender to lower mortgage rates, reducing a number of its fixed rate products.

The mutual has launched a three-year fixed rate at 2.29% with a £195 product fee for borrowers with a 25% deposit.

Also at 75% loan-to-value is a two-year fixed rate of 1.74% and a five-year fixed rate of 2.99%. Both of these mortgages also have a £195 product fee.

For those with smaller deposits a 4.49% two-year fixed rate with an £845 product fee is available for borrowers with a 5% deposit. A two-year fixed rate of 1.94% is available at 80% loan-to-value with £1,295 fee.

Richard Barker, N&P’s mortgage product manager, said: “These mortgages are designed to be popular to a variety of borrowers. We always aim to offer our customers choice and value, with competitive fees and rates no matter the size of deposit or loan.

“There is a good variation across the range in fees and rates, as well as reductions which will specifically help first-time buyers make the step towards owning their own home,  so we’re hoping there will be something which will appeal to every type of homeowner.”

Norwich & Peterborough has 45 branches and is part of the wider Yorkshire Building Society group. It does not offer its products through mortgage brokers.

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