N&P cuts rate on mortgage product

Thursday, 13 January 2011 09:54

The rate of interest offered on Norwich & Peterborough Building Society's (N&P) two-year, fixed rate 85 per cent loan-to-vale mortgage product has been cut.

Consumers opting for the product now receive a deal that has been reduced to 3.89 per cent from 4.15 per cent and is available to new customers - and incurs a £995 fee.

Richard Barker, mortgage manager at the money lender, said these latest changes mean his building society now provides those with a 15 per cent deposit the lowest two-year, fixed-rate deal.

"This reduction . is very good news for those looking to move home in the new year," he added.

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