New mortgages from N&P

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.

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."