N&P launches new 3 year fixed rate mortgage

N&P (Norwich and Peterborough Building Society) is introducing a new ‘best buy' 3 year fixed rate mortgage at 75% LTV, and reducing rates on its existing 85% LTV 3 year fixed rate products - with immediate effect.

Richard Barker, product manager at N&P, said: "We improved our mortgage range at the beginning of August, and are happy to be doing so again now.  These changes mean that (at the time of issue) we'll be offering the lowest 85% LTV 3 year fixed rate mortgage available at 3.94%, and a ‘best buy' 75% LTV 3 year fixed at 3.64%.  We hope that these offers will appeal to people looking to buy their own home or to remortgage, and who want a competitive deal."

Main details

3 year fixed rate without incentives

Rate reduced from 4.19% to 3.94%
Maximum 85% LTV
£995 product fee
Valuation fee paid by customer
Early repayment charges of 3% in 3 years
10% penalty-free capital repayment per annum facility (£10,000 max)

3 year fixed rate with incentives

Rate reduced from 4.59% to 4.24%
Maximum 85% LTV
£995 product fee
Free valuation
Free legal fees or £200 cashback
Early repayment charges of 3% in 3 years
10% penalty-free capital repayment per annum facility (£10,000 max)

New 3 year fixed rate without incentives

3.64% fixed for 3 years
Maximum 75% LTV
£995 product fee
Valuation fee paid by customer
Early repayment charges of 3% in 3 years
10% penalty-free capital repayment facility per annum (subject to £10,000 cap).