Norwich & Peterborough Base Rate Tracker mortgage launched

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Norwich & Peterborough Base Rate Tracker mortgage launched

Wed 17th May 2006

A Norwich & Peterborough Base Rate Tracker mortgage is among the new offers available with the lender today and comes either with or without incentives.

The offer with incentives is available with a rate of 0.95 per cent above the Bank of England base rate (BBR) for the term and has a free valuation to a maximum of £399 to cover advances up to £350,000.

Free legal fees are available to remortgage customers and £200 cash back is available to both remortgage borrowers and purchase customers and there are no early repayment charges (ERCs).

The Norwich & Peterborough Base Rate Tracker mortgage without incentives has a lower tracker rate of 0.79 per cent above the BBR and does not have any ERCs.

Gary Lacey, group product manager at N&P, said: "Whilst most buy-to-let Base Rate tracker mortgages are only for two or three years, N&P is offering trackers for the full term of the mortgage so customers can feel safe in the knowledge they will benefit from a good rate."

A two-year discounted mortgage was also introduced by the lender, with a 3.93 per cent rate – a 2.37 per cent discount off the standard variable rate – for two years, with the standard rate – currently 6.3 per cent – thereafter.