N&P drop fixed mortgage rates

21 July 2004
Norwich and Peterborough Building Society has announced reductions to its rates on UK and Spanish fixed rate mortgages.

All changes are with immediate effect and cover the two, three, four and five-year fixed rate mortgage schemes.

N&P's group product manager, Gary Lacey, said: “Given that the Bank of England has raised its Base Rate twice since the beginning of May, and it is anticipated that future rate rises could be on the way, our new attractive range of fixed rate mortgage products could be ideal for those looking for certainty in monthly mortgage repayments over the coming years.”

For example, within the two-year fixed rate mortgage range: the old 3.69 per cent / 90 per cent LTV rate now alters to the new rate of 3.49 per cent.

This includes a redemption charge of 5 per cent of the balance outstanding in the first three years, four per cent in the fourth year, and three per cent in the final year.

All UK schemes are portable if the borrower wishes to move home during the fixed rate period.

With the Spanish fixed rate products, the changes are: 4.29 per cent fixed for two years (previously 4.49 per cent), and 5.99 per cent fixed for five years.

With both Spanish products N&P will lend up to 75 per cent of the property valuation and the minimum purchase price or valuation is £60,000.