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N&P launches three-year fixed rates

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Norwich & Peterborough Building Society (N&P) has launched a range of new three-year fixed rate mortgages at 65 per cent, 75 per cent and 85 per cent loan-to-value (LTV).

Borrowers with a 35 per cent deposit can access a three-year fixed rate mortgage at 1.73 per cent.

For those borrowing more, N&P has launched a 1.92 per cent three-year fixed rate at 75 per cent LTV, or a 2.08 per cent three-year fixed rate at 85 per cent LTV.

All of the mortgages are available to those buying a home or remortgaging and have a £1,475 product fee.

Norwich & Peterborough Building Society mortgage product manager Richard Barker says: “We always try to offer borrowers a range of options and good, long-term value for money.

“Our new three-year fix range will give borrowers looking for security during a time of uncertainty the reassurance of fixing their mortgage repayments at a competitive rate for the next 36 months.”

Moneyfacts finance expert Rachel Springall says: “With interest rates so low, borrowers would be wise to overpay their mortgage when they can comfortably afford to do so to reduce the term of the loan.

“Applicants must work out the true cost of any mortgage deal before entering any arrangement and be comfortable with fixing for the initial period.”

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