The Norwich & Peterborough Building Society has cut its fixed rate mortgages by up to 60bps, launching a new three-year fixed rate at 2.29% with a £195 product fee for borrowers with a 25% deposit.
Borrowers with a 25% deposit can also opt for a two-year fixed rate of 1.74%, or a five-year fixed rate of 2.99%, which both have a £195 product fee.
First-time buyers with a 5% deposit can benefit from a 4.49% two-year fixed rate with an £845 product fee, while borrowers with a 20% deposit can take advantage of a two-year fixed rate of 1.94%, with a £1,295 product fee.
Richard Barker, N&P’s mortgage product manager, said: “These mortgages are designed to be popular to a variety of borrowers. We always aim to offer our customers choice and value, with competitive fees and rates no matter the size of deposit or loan.
“There is a good variation across the range in fees and rates, as well as reductions which will specifically help first-time buyers make the step towards owning their own home, so we’re hoping there will be something which will appeal to every type of homeowner.”
