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 2 year, 3 year and 5 year fixed rate mortgages, which are amongst the lowest 85% LTV deals currently on the market, will be available from Friday 12th August.

Richard Barker, mortgage manager at N&P, said: "This reduction in the interest rates across our fixed rate mortgage range is very good news for first time buyers, those looking to re-mortgage or move to their next home. This means they could save £2,200 over the course of a £150,000 mortgage compared to our previous rate.

"The next Bank Base Rate change will undoubtedly be an increase, but no-one knows when. Many commentators think this may not be until early next year, but for those moving now, or looking for a bit of certainty over the amount they will be paying each month, these new lower rates, our lowest 3 year and 5 year rates since 2003, could be the perfect opportunity to make the move they have been looking at for a while."

For more information, visit nandp.co.uk.