N&P mortgage rates cut

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N&P mortgage rates cut

Norwich and Peterborough Building Society (N&P) has slashed the rates on its UK and Spanish five and ten-year mortgage deals.

The rate cut, which comes into effect immediately, means that five year fixed rate scheme from the building society in the UK are slashed from 5.44 per cent to 5.18 per cent; 5.84 per cent to 5.58 per cent; and 5.68 per cent to 5.44 per cent.

Richard Barker, N&P's product manager, explained: "Following recent reductions in money market rates, we're pleased to be reducing our five and ten year fixed rate mortgages for customers.

"Our new 5.18 per cent five-year fixed rate is currently one of the lowest in its category and represents a great deal for customers looking for longer-term rate stability."

Homeowners looking for ten-year deals will also benefit from the new rates, with similar savings.

And first time buyers are not left out either, with the N&P first time buyer mortgage rate for a five-year deal cut from 6.38 per cent to 6.18 per cent, meaning those looking for their first home can save even more money.