Society reduces rates on buy-to-let

Norwich and Peterborough Building Society (N&P), is launching two new buy-to-let base rate tracker mortgages, with immediate effect, for branch and contact centre customers.

The trackers are available at Bank Base Rate (BBR) +0.54% for term, or BBR +0.74% for term. See below for full product details.

Richard Barker, product manager at N&P said: “Buy-to-let is still one of the fastest growing areas of the mortgage market, and we believe that the two new trackers will be perfect for landlords looking for a flexible variable rate mortgage for their properties. The rates on these new products are amongst the most attractive in the ‘variable rate for term’ category and the added benefit of no early repayment charges will enable customers to repay at any time without incurring penalties."

Main Details

BBR + 0.54% for term

85% maximum loan to value
Reservation fee - 0.5% of loan amount
Rental to cover 125% of mortgage
No early repayment charge
BBR + 0.74% for term

85% maximum loan to value
Reservation fee - 0.5% of loan amount
Rental to cover 125% of mortgage
No early repayment charge
Free legal fees or £200 cashback for remortgage customers
£200 cashback for purchase customers
Free standard valuation (up to a maximum of £399)