N&P launches new discounted variable mortgages

With immediate effect, N&P (Norwich & Peterborough Building Society) is launching a range of new 3 year discounted variable mortgage schemes. The new schemes will replace N&P's existing discount for term products.

Richard Barker, product manager at N&P, said:  "The new 2.95% discounted rate compares favourably with what's available on the high street.  Although some other lenders offer a lower rate, our lower fees and higher LTV help to offset this.  N&P is carefully gearing up for an expected gradual increased demand as the housing market recovers in 2010.  We're not predicting a boom by any means, rather we expect to see a slow and steady pick up in the numbers of people looking to buy or re-mortgage.  Recovery from the recession is still fragile."