The new 25 year product will be available at 6.38 per cent from 15 August and features no redemption penalties after 10 years, a free valuation, £200 cashback for purchasers, the choice of free legal fees or £200 cashback for remortgagers, and only a £385 reservation fee.
In addition, the Society has also dropped the rates of its other five year and over, fixed mortgages, taking its 10 year deal to one of the best available on the market at 5.88 per cent - and lower than most five year fixed rates on the market.
Richard Barker, product manager at N&P, said: “The new 25 year product enhances our already comprehensive range of long-term fixed rate mortgages. A very attractive benefit of the new scheme is that the redemption tie-in period lasts for only 10 years - so customers have the flexibility to pay off their loan without charge if their circumstances change later in the term. All of our long term fixed rate mortgages are also fully portable, so if a customer moves house during the term of the fixed rate, they can simply move their mortgage with them.
“With our range of long term fixes, our ‘best buy’ five year discount mortgage currently at 5.59 per cent, our Base Rate Tracker at +0.39 per cent for term and our new ‘fix and track’ options, we are confident that we have a range of mortgages to suit all needs.”
