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Mortgage lender shakes up mortgage range
Thu, 13 Oct 2005
Norwich and Peterborough Building Society is shaking up its mortgage range with the introduction of two new tracker mortgages and improvements to its UK and Gibraltar mortgage range.

The mortgage lender has cut most fixed mortgage rates by between 0.1 and 0.2 per cent, with other mortgage rates reduced even more.

Two new base rate tracker mortgages will also be launched. One will be set at 0.39 per cent above the Bank of England's base rate, tracking it for the lifetime of the mortgage .

The maximum loan to value for this mortgage is 95 per cent, with a minimum loan size of £75,000.

For the first two years of the other tracker mortgage, the mortgage rate will be set at 0.25 per cent below the base rate . Following this period, the mortgage rate will be set at 0.85 per cent above the base rate .

Borrowers can take out this mortgage with a maximum loan to value of 90 per cent.

The mortgage lender has also reduced its mortgage rates for homes in Gibraltar, with some mortgage rates now as low as 3.39 per cent.

All N&P mortgage products allow overpayments, and these could be used to fund payment holidays and underpayments.

Mortgages are fully portable, allowing the flexibility for mortgage holders to move home during the mortgage period.

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