New best buy mortgages from N&P

N&P (Norwich and Peterborough Building Society) is introducing two new ‘best buy' discounted mortgages - 2.95% for two years at 85% loan to value (LTV) and 3.95% for five years at 80% LTV - with immediate effect.

The Society is also reducing rates on its additional borrowing range, for customers who would like to borrow more on their existing N&P mortgage, maybe to improve their current home rather than move.

Richard Barker, mortgage product manager at N&P, said: "Following the recent launch of our ‘best buy' fixed rate mortgages - three years at 3.94% and five years at 4.99% - we're pleased to be able to complement these with a choice of two discounted rate products too.  The new products (at the time of issue) are both ‘best in the market' at their respective loan-to-value tiers, and support the Society's aim to increase its mortgage lending through the rest of the year and into 2011."

Discounted rates

New two year discounted rate

2.95% discounted rate for two years (2.40% discount off SVR)
Maximum 85% LTV
£995 product fee
Early repayment charges of 3% in first two years
10% penalty-free capital repayment per annum facility (subject to £10,000 cap)
Minimum interest rate floor of 2.75%

New five year discounted rate

3.95% discounted rate for five years (1.40% discount off SVR)
Maximum 80% LTV
£395 product fee
Early repayment charges of 3% in first five years
10% penalty-free capital repayment per annum facility (subject to £10,000 cap)
Minimum interest rate floor of 3.00%

Additional borrowing

SVR for term

Rate reduced from SVR +1% for term to SVR (5.35%) for term

5-year fixed rate

Rate reduced from 6.49% to 5.99%

For more information, visit nandp.co.uk.