N&P launches new 3 year tracker mortgage

Norwich and Peterborough Building Society (N&P) is offering a market-leading three year base rate tracker mortgage at Bank Base Rate (BBR) plus 0.70% - available now via its branches and Contact Centre.

The new mortgage product tracks at 0.70% above Bank Base Rate (current payable rate of 5.70%) for three years, before reverting to the Society's Standard Variable Rate (currently 7.05%).

John Willcock, N&P's head of product marketing, said: "With a market-leading rate, a free valuation and cash back or free legal fees on offer, we're confident that this is a very attractive option for anyone currently looking to buy or remortgage. Anyone interested should contact their local branch, or call our Contact Centre on 0845 300 2522 as soon as possible. Unfortunately with the current market changing constantly, as with other lenders, we can't guarantee how long the product will be available."

Main features of the product are:

Maximum 85% loan to value
£599 reservation fee
Free valuation
Free legal fees or £200 cash back for re-mortgage customers, £200 cash back for purchase customers
Redemption charges of 3% in 3 years
10% penalty-free capital repayment per annum facility available (subject to £10,000 cap)