N&P offers 10-year fix at 3.99%, citing favourable swaps

Norwich and Peterborough Building Society has launched a 10-year fixed rate mortgage at 3.99%.

The direct-only product is available up to 75% LTV with a fee of £295. Borrowers will also receive a free valuation and either free legals or £200 cashback.

Richard Barker, product manager at N&P, says swap rates have allowed it to offer a low rate on the deal, which it claims is the lowest ever 10-year fixed rate.

He says: “This will be welcome news for those who wish to fix for a longer period, giving them certainty of mortgage payments for the duration of the loan.”