N&P withdraws 10-year fix
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Norwich & Peterborough Building Society has withdrawn its 10-year fixed rate mortgage less than two weeks after launching it due to exceptionally high demand.
The 3.99% deal, which was only available direct, was marketed as the lowest ever 10-year fix to come to market.
But the society says that unprecedented demand means the product will no longer be available from today in order to manage service levels.
Richard Barker, product manager at Norwich & Peterborough, says: “We were confident it was the right time to offer a 10-year fixed rate mortgage and have been proved correct that there is high demand for longer-term fixed deals, especially with incentives such as low fees and cashback.
“In order to maintain our high standards of customer service, we have reluctantly taken the decision to withdraw the product but, in the face of such interest from borrowers, hope to be able to return with a similarly competitive product in the future.”
The product launched on January 25 and was available up to 75% loan-to-value with a fee of £295. Borrowers also received a free valuation and either free legals or a £200 cashback option.
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Readers' comments (2)
Richard Rouse | 7 Feb 2012 9:20 am
What was that then - half an hour's notice of product closure?
Good job this product wasn't available to intermediaries - that sort of notice period would have been wholly unacceptable.
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Des Platt | 7 Feb 2012 1:31 pm
Really surprised there was demand even though I have always liked long term fixes .Has this lender changed their affordability calculator as they were even more stringent than Accord(effectively N & Ps parent now) when they were a broker lender. Most large lenders still lend more than my affordability calculator allows but these two always lent less since Accord knocked there's down
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