N&P to reduce fixed rates

From Monday October 17, Norwich and Peterborough will be launching two new tracker mortgages and making a number of improvements to its existing mortgage product range available in the UK and Gibraltar.

Most of N&Ps fixed rates will be reduced by between 0.10% and 0.20%. However, some rates, including some two-year and five-year fixed rates, will reduce by a greater amount.

N&P is also launching two base rate tracker mortgages. The first is a base rate tracker with a rate of BBR +0.39% (current payable rate of 4.89%) for the term of the mortgage. The maximum LTV is 95%, and there is a 599 reservation fee. There are no redemption charges and the minimum loan size is 75,000.

The second new tracker product features a rate of BBR -0.25% for the first two years followed by a competitive BBR +0.85% for the remainder of the term. The maximum LTV is 90%, and there is a 599 reservation charge. There are redemption charges of 3% in five years, and the minimum loan size is 75,000.