The deals are being cut from 4.99% to 4.88%, and from 5.24% to 5.13%.
N&P is also introducing a two-year fixed rate mortgage at 85% LTV at 4.15%.
All of these mortgage rates are available from Wednesday November 17 2010.
Richard Barker, product manager at N&P, says: “The reduction in the five-year fixed rate mortgages, and the introduction of the two-year fixed rate mortgage, is very good news for those looking to buy their first home, or move home as we approach the start of 2011.
“We are continually looking to offer a good deal, and these changes mean that N&P is offering some of the lowest rates currently available at 85% LTV.
“We hope that these offers, along with our ‘Best Buy’ two-year discounted mortgage at 2.59%, will appeal to people looking to buy their own home or to remortgage, and who want a competitive deal.”