N&P pull lowest ever ten-year fixed rate mortgage
Tuesday, 07 February 2012 12:25
The Norwich & Peterborough (N&P) Building Society has withdrawn its ten-year fixed rate mortgage after massive demand.
The ten-year fixed rate deal was the lowest rate ever set for such a mortgage product at just 3.99 per cent and it proved attractive to homeowners looking to opt for the security of knowing what they will have to repay for ten years.
The product is withdrawn from Monday 6th February though appointments and agreements that have been made with N&P will be honoured.
The deal was available to borrowers with 25 per cent equity in their property and had a low fee of just £295.
Despite the Bank of England’s base rate being at an historical low of just 0.5 per cent for nearly three years now and showing no sign of going up in the next 18 months, the deal was oversubscribed and proved a massive success.
N &P Product Manager Richard Barker said: "We were confident it was the right time to offer a 10 year fixed rate mortgage and have been proved correct that there is high demand for longer-term fixed deals, especially with incentives such as low fees and cashback.
"In order to maintain our high standards of customer service, we have reluctantly taken the decision to withdraw the product but, in the face of such interest from borrowers, hope to be able to return with a similarly competitive product in the future.”
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