N&P launches new 5-year fixed-rate mortgage

Norwich and Peterborough has introduced a new 'best buy' five year fixed-rate mortgage with immediate effect.

Available at 4.49 per cent for 80 per cent loan to value LTV the mortgage will offer the best mortgage rates on the market at its LTV tier.

Ewan Edwards, head of marketing at N&P, said the new five year mortgage will be one of the lowest longer term fixed-rate available in the mortgage market overall.

Norwich and Peterborough improved its three-year mortgage rates in August offering a rate of 3.64 per cent on 75 per cent LTV.

Editor at Your Mortgage Paula John recently told homeowners that they should not get used to interest rates being so low.

The Bank of England base rate has been frozen at 0.5 per cent since March 2009 which has helped keep costs low for many mortgages and many experts are predicting an increase in the near future.
 

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2010-09-09 12:11:47 © Moneyextra.com