N&P launches long term fixes

Norwich and Peterborough Building Society (N& P) is launching two new longer-term mortgages on 2nd March for customers wishing to fix their rate for 15 or 20 years.

Richard Barker, product manager for N&P, said: “With the Bank of England Base Rate having risen twice in the last few months, and talk of a potential further rise soon, people are looking to longer-term fixed rates for the security of knowing what their payments will be each month. In addition, as our mortgages have flexible features and are portable to another property if customers move house, people don’t have to worry about changes in their personal situation over the term of the mortgage.”

Details of N&P’s 15 year fixed rate mortgage:

5.48% fixed until 30/04/2022
Maximum 90% LTV
£399 reservation fee
Free valuation
Free legal fees or £200 cashback
3% redemption charge until 30/04/2022
10% penalty-free capital repayment per annum allowed (max £10,000)
Flexible features apply

Details of N&P’s 20 year fixed rate mortgage:

5.28%fixed until 30/04/2027
Maximum 90% LTV
£399 reservation fee
Free valuation
Free legal fees or £200 cashback
3% redemption charge until 30/04/2027
10% penalty-free capital repayment per annum allowed (max £10,000)
Flexible features apply

Main details for above-mentioned products:

Minimum loan £20,000 - maximum negotiable.
No compulsory insurances.
All mortgages have flexible features - overpayments allowed from the outset; any overpayments made can be used to fund payment holidays and underpayments.
All portable during the fixed rate period if the customer wishes to move home.