N&P slashes fixed rates on 85% LTV mortgage deals

N&P (Norwich and Peterborough Building Society) is cutting up to 0.3 per cent off the interest rates on its range of 85% loan to value (LTV) fixed rate mortgages, the building society announced today.

The new cheaper fixed rate mortgages, which make the 2 year and 3 year fixed rate deals the lowest 85% LTV deals currently on the market, will be available from Friday 13th May 2011.

The deals would provide a saving of almost £1,500 over the course of a 3 year fixed rate deal for an interest only mortgage of £150,000, compared to the previous deal with a 4.88% interest rate.

Richard Barker, mortgage manager at N&P, said: "This reduction in the interest rates across the range of our fixed rate mortgages is very good news for those looking to move home, or re-mortgage, as we approach summer."

"We continually look to offer a good deal for our members, and these changes mean that N&P is now offering the lowest 2 and 3 year fixed rate mortgages currently available for those with a 15% deposit, making it particularly helpful to first time buyers."

For further information, visit nandp.co.uk.