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N&P reduces fixed rates

Amanda Jarvis

January 31, 2006

Gary Lacey, N&P’s group product manager, said: “Following recent reductions in money market rates, we will be reducing our fixed rate mortgages, with immediate effect. Our longer term fixed rates will see the most significant reductions. As the market currently stands, our new 4.68% 10-year fixed rate, without incentives, will be the lowest rate in its category – undercutting the current best buy at 4.69%. This is also true for the Four Year Fixed rate at 4.88%.”

-Two Year Fixed Rate reduced from 4.98% to 4.88%
– Two Year Fixed Rate reduced from 4.78% to 4.69%
– Two Year Fixed Rate reduced from 3.29% to 3.14%
– Two Year Fixed Rate reduced from 3.69% to 3.59%
– Two Year Fixed Rate reduced from 5.44% to 5.34%
– Three Year Fixed Rate reduced from 4.24% to 3.99%
– Three Year Fixed Rate reduced from 4.49 to 4.34%
– Three Year Fixed Rate reduced from 4.98 to 4.88%
– Three Year Fixed Rate reduced from 5.44% to 5.34%
– Four Year Fixed Rate GREEN mortgage reduced from 5.28% to 5.08% and free energy rating survey
– Four Year Fixed Rate GREEN mortgage reduced from 4.98% to 4.88% and free energy rating survey
– Five Year Fixed Rate reduced from 4.88% to 4.68%
– Five Year Fixed Rate reduced from 5.28% to 5.08% (max 95% LTV and £385 reservation fee)
– Five Year Fixed Rate reduced from 5.08% to 4.88%
– Offset Five Year Fixed Rate reduced from 5.54% to 5.34%
– Offset Five Year Fixed Rate reduced from 5.64% to 5.44%
– 10 Year Fixed Rate reduced from 4.98% to 4.68% (max 90% LTV and £399 reservation fee)
– 10 Year Fixed Rate reduced from 5.23% to 4.93% (max 95% LTV and £399 reservation fee)
-10 Year Fixed Rate reduced from 5.18% to 4.88%

Main details for all above-mentioned products:
– Minimum loan £20,000 – maximum negotiable. (Offset Five Year Fixed minimum £50,000)
– No compulsory insurances.
– All mortgages have flexible features – overpayments allowed from the outset; any overpayments made can be used to fund payment holidays and underpayments.
– All portable during the fixed rate period if the customer wishes to move home.

SPANISH PRODUCTS

– Two Year Fixed Rate reduced from 3.79% to 3.59%
– Five Year Fixed Rate reduced from 5.49% to 5.24%

Main details on Spanish mortgages
– N&P will lend up to 75% of the Sterling equivalent of the property valuation
– Minimum purchase price (or valuation) – £60,000
– Minimum loan £20,000 – maximum negotiable, repayable over up to 20 years
– £250 reservation fee
– The mortgage advance will be in Sterling and repayments must be made by direct debit in Sterling from a UK building society or bank account
– Valuation/application fee – from £375 (according to valuation)
– Minimum loan £1,000 – maximum negotiable


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