N & P offers revamped mortgage deal

Norwich and Peterborough Building Society will be revamping its mortgage product range from 17th October 2005.

It will offer two new tracker mortgages and will be reducing the fixed rate on its existing mortgage products for the UK and Gibraltar by between 0.1 per cent and 0.2 per cent.

The entire mortgage range has flexible features such as overpayments allowed from the outset as well as underpayments and payment holidays.

The minimum loan is £1,000 and all mortgages are portable during the fixed rate period if the customer wishes to move home.

The first new product is a base rate tracker with bankers buying rate (BBR) of +0.39 per cent for the term of the mortgage. This currently translates to a payable interest rate of 4.89 per cent.

The second product is a base rate tracker with -0.25 per cent BBR for the first two years followed by +0.85 per cent BBR for the remainder of the term of the mortgage.

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