A new fixed rate mortgage has been launched by Norwich & Peterborough Building Society (N&P).

The Society is reducing the rate of its five year fixed rate mortgage to 2.84%, claiming it makes it among the lowest on the market for loans up to 65% LTV.

Borrowers choosing this mortgage can benefit from a free valuation and the choice of free legal fees or £200 cashback. The product fee is £295.

Richard Barker, N&P product manager, said: “This is an excellent proposition for borrowers, combining a best buy rate with a low fee and attractive additional incentives to keep down upfront costs.

“In particular, this may appeal to homeowners who would benefit from remortgaging but are deterred from switching to a more competitive home loan because of the additional costs the transaction can incur.”