Lynch Wood, United Kingdom (PressExposure) January 26, 2012 -- From today (Wednesday 26th January) the new mortgage product is available at a best buy rate of 3.99% up to 75% LTV with a fee of only £295. Adding even more value to the product, borrowers receive a free valuation and free legal fees (for re-mortgages) or a £200 cashback option (for purchase customers).
Commenting on the new mortgage, Product Manager for Norwich and Peterborough Building Society Richard Barker said; "We are delighted to launch this new product and it is one we are confident will be well received in the market. The current swap rates have allowed us to look at our mortgage provision and offer this excellent product. We know that this competitive rate will be welcome news for those who wish to fix for a longer period of time giving them the certainty of what their monthly payments will be for the duration of their loan.
Since our merger with Yorkshire Building Society at the end of 2011 we have been working to increase the mortgage products that we provide and this is an example of the competitive rates that we will be offering throughout 2012. Additionally, we believe the low fee on the product alongside the valuation, legal and cashback options will be attractive to those trying to get on the property ladder together with those looking to remortgage."
Insight Analyst from Defaqto financial website David Black said the product would be welcome news for consumers; "There are very few long term fixed rate mortgages currently available on the market and this one has the lowest rate as well as a low fee option. If you know that you're going to stay in your property for a longer period of time and want a long term rate - then certainly this new product from Norwich and Peterborough Building Society offers a good solution and is worth considering.
To find out more about this new product phone 0845 300 2522 or visit: http://www.nandp.co.uk
The Yorkshire is the second largest building society in the UK. It has successfully merged with Barnsley Building Society (31/12/08), Chelsea Building Society (01/04/2010), Norwich & Peterborough Building Society (01/11/11) and acquired the Egg mortgage and savings book and the Egg brand (31/10/11).
The Yorkshire has 224 branches, 94 agencies and assets of approximately £33 billion. It employs around 3,850 staff and has over 3.3 million members.
About: As one of the UK's leading building societies, Norwich and Peterborough building society are proud to offer multiple financial services to our customers. NPBS is a building society you can really trust.