Norwich & Peterborough Building Society has reduced the price of its two-year fixed rate mortgage by 0.06%, earning it an 'excellent' rating as a result.
This deal now has a competitive rate of 3.98% fixed for two years. It is available at a loan-to-value (LTV) of 95% and has a fee of £845, making it a highly competitive choice for a first-time buyer.
The finer details…
This mortgage is available to house purchase customers with a small deposit of just 5%. There is no incentive package accompanying it, but borrowers are given considerable repayment flexibility: overpayments, underpayments and payment holidays are all permitted, provided certain conditions are met.
This mortgage is also available through branches of Yorkshire Building Society.
Why we like it…
Would-be buyers in possession of a modest deposit are likely to be intrigued by this latest update. This two-year deal is competitive and offers borrowers a great deal of flexibility, which will appeal to those who want room to manoeuvre when organising their repayments.
Moneyfacts rating: Excellent
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