Mortgages  

Building society launches trio of three-year rates

Building society launches trio of three-year rates

Norwich & Peterborough Building Society has launched a trio of the lowest three-year fixed rate mortgages currently available to borrowers at 65, 75 and 85 per cent loan-to-value.

The lender is offering borrowers with a 35 per cent deposit a three-year fixed rate mortgage at 1.73 per cent.

For those borrowing more, it also has a 1.92 per cent three-year fixed rate mortgage at 75 per cent LTV, or a 2.08 per cent three-year fixed rate mortgage at 85 per cent LTV.

Article continues after advert

All are available to those buying a home or remortgaging and have a £1,475 product fee.

Mortgage product manager Richard Barker said the range will give borrowers looking for security during a time of uncertainty the reassurance of fixing their mortgage repayments at a competitive rate for the next 36 months.

Rachel Springall, spokeswoman at Moneyfacts, said: “By launching an array of deals at different deposit levels, these are likely to attract many types of borrowers, particularly as the rates become the lowest on the market today.

“With interest rates so low, borrowers would be wise to overpay their mortgage when they can comfortably afford to do so to reduce the term of the loan.”

peter.walker@ft.com