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Mortgages
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Written by Nia Williams
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Tuesday, 16 February 2010 12:12 |
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Norwich & Peterborough Building Society (N&P) has launched a range of new 3 year discounted variable mortgage schemes.
The range comprises: - 2.95% discounted rate for 3 years (discount of 2.40% from SVR). There is a £695 reservation fee.
- 3.15% discounted rate for 3 years (discount of 2.20% from SVR). There is a £795 reservation fee; a free valuation; free legal fees or £200 cashback for remortgage customers; and £200 cashback for purchasers
- Offset 3.30% discounted rate for 3 years (discount of 2.05% from SVR). There is a £795 reservation fee; a free valuation; free legal fees or £200 cashback for remortgage customers; £200 cashback for purchasers; and an N&P Gold Current Account must be held or opened.
- Offset 3.45% discounted rate for 3 years (discount of 1.90% from SVR). There is a £795 reservation fee; free valuation; free legal fees or £200 cashback for remortgage customers; £200 cashback for purchasers; and N&P Gold Current Account does not have to be held or opened.
The maximum LTV on all products is 75% and there is an early repayment charge of 3% in the first three years. Richard Barker, product manager at N&P, said: "The new 2.95% discounted rate compares favourably with what's available on the high street. Although some other lenders offer a lower rate, our lower fees and higher LTV help to offset this. N&P is carefully gearing up for an expected gradual increased demand as the housing market recovers in 2010. We're not predicting a boom by any means, rather we expect to see a slow and steady pick up in the numbers of people looking to buy or re-mortgage. Recovery from the recession is still fragile."
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