Huge rise in number of cheap five-year fixed-rate mortgages
Norwich and Peterborough Building Society (NP) has launched a new tracker mortgage deal.
The mortgage will track at 0.24 per cent above the Bank of England base rate for the full term of the loan.
Up to 75 per cent loan to value is available on the mortgage, which may suit customers trying to find a mortgage who are able to provide a lump sum payment.
Richard Barker, Norwich and Peterborough's product manager, said: This is one of the best base rate trackers on the market and the lowest we have ever offered.
The rate is lower than many short-term variable rates available from other lenders; however, with our product, the borrower will benefit from an attractive rate for the term of their mortgage.
He adds that the mortgage has no early repayment charges, so borrowers can switch or pay off their mortgage at any time without penalty.
Furthermore, he states that the company continues to attract large and increasing numbers of customers from other mortgage lenders .
Norwich and Peterborough has a range of mortgages, including online mortgages and those that may suit first-time buyers.
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