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N&P slashes rates on 85pc LTVs

Norwich and Peterborough is cutting up to 0.3% off rates on 85% loan to value fixed rate mortgages from tomorrow.



11 August, 2011

Richard Barker, mortgage manager at N&P, said: "This reduction in the interest rates across our fixed rate mortgage range is very good news for first-time buyers, those looking to re-mortgage or move to their next home.

"This means they could save £2,200 over the course of a £150,000 mortgage compared to our previous rate.

"The next Bank Base Rate change will undoubtedly be an increase, but no-one knows when.

"Many commentators think this may not be until early next year but for those moving now, or looking for a bit of certainty over the amount they will be paying each month, these new lower rates, our lowest 3-year and 5-year rates since 2003, could be the perfect opportunity to make the move they have been looking at for a while."

The new 2-year fixed rate without incentives is available at 3.79% reduced from 3.95% with a maximum 85% LTV and £995 product fee. The valuation fee is paid by customer and early repayment charges of 3% apply.

The deal allows 10% penalty-free capital repayment per annum subject to a £10,000 cap.

The 3-year deal will be offered at a rate of 4.08% reduced from 4.38% while the 5-year fixed rate will be offered at 4.68% reduced from 4.98%.

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