Richard Barker, product manager at N&P, said: “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.”
Schemes fixed for five years:
• Five-year fixed rate reduced from 5.44 per cent to 5.18 per cent. Max 90 per cent loan-to-value (LTV) and £385 reservation fee.
• Five-year fixed rate reduced from 5.84 per cent to 5.58 per cent. Max 95 per cent LTV and £385 reservation fee.
• Five-year fixed rate reduced from 5.68 per cent to 5.44 per cent. Max 90 per cent LTV, free valuation, £475 reservation fee. Free legal service using the Society’s nominated solicitors or £200 cashback for remortgages. £200 cashback for purchasers.
• First-time buyer mortgage reduced from 6.38 per cent to 6.18 per cent. Max 95 per cent LTV, £385 reservation fee, free valuation, £1,500 cashback paid on completion, first-time buyers only.
• Five-year fixed rate offset reduced from 6.08 per cent to 5.88 per cent. Max 90 per cent LTV and £385 reservation fee.
• Five-year fixed rate offset reduced from 6.18 per cent to 5.98 per cent. Max 90 per cent LTV, free valuation, £475 reservation fee. Free legal service using the Society’s nominated solicitors or £200 cashback for remortgages. £200 cashback for purchasers.
Schemes fixed for ten years:
• Ten-year fixed rate reduced from 5.58 per cent to 5.28 per cent. Max 90 per cent LTV, £399 reservation fee.
• Ten-year fixed rate reduced from 5.83 per cent to 5.53 per cent. Max 95 per cent LTV, £399 reservation fee.
• Ten-year fixed rate reduced from 5.78 per cent to 5.48 per cent. Max 90 per cent LTV, free valuation, £475 reservation fee. Free legal service using the Society’s nominated solicitors or £200 cashback for remortgages. £200 cashback for purchasers.
Main details for all above-mentioned products:
- Minimum loan £20,000 - maximum negotiable. (Offset five-year fixed minimum £50,000).
- No compulsory insurances.
- All mortgages have flexible features - overpayments allowed from the outset; any overpayments made can be used to fund payment holidays and underpayments.
- All portable during the fixed rate period if the customer wishes to move home.
- Redemption charges for five-year schemes: 5 per cent of balance outstanding in years one-three; 4 per cent in year four; 3 per cent in year five.
- Redemption charges for ten-year schemes: 5 per cent of balance outstanding in years one-seven; 4 per cent in year eight; 3 per cent in year nine and 2 per cent in year ten.
Spanish five-year fixed rate:
• Reduced from 5.79 per cent to 5.59 per cent
Main details on Spanish mortgages
o N&P will lend up to 75 per cent of the Sterling equivalent of the property valuation.
o Minimum purchase price (or valuation) - £60,000.
o Minimum loan £20,000 - maximum negotiable, repayable over up to 20 years.
o £250 reservation fee.
o The mortgage advance will be in Sterling and repayments must be made by direct debit in Sterling from a UK building society or bank account.
