Norwich & Peterborough launch three-year tracker mortgage

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Norwich & Peterborough launch three-year tracker mortgage

Thu 10th Jul 2008

A new mortgage from Norwich & Peterborough (N&P) building society has been launched.

It tracks at 0.70 per cent above the bank base rate, which is currently 5.70 per cent, for three years.

The mortgage then reverts to the building society's standard variable rate of 7.05 per cent.

It includes a maximum of 85 per cent loan to value, free valuation, reservation fee of £599 and free legal fees or £200 cash back for remortgagers, and £200 cash back for purchasers.

John Willcock, head of product marketing at N&P, said the rate was a "very attractive option for anyone currently looking to buy or remortgage".

But he warned that the building society could not guarantee how long it would be available, due to constant changes in the market.

Rates on two-year fixed mortgage deals have hit an eight-year high, according to Bank of England data.

The average rate was 6.63 per cent in June, the Guardian reported.

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