Norwich & Peterborough Building Society has reduced the rate on its five-year fixed mortgage by a significant 0.39%, catapulting it into the charts as a result.
This mortgage now has a rate of 2.98% fixed for five years at a loan-to-value (LTV) of 90%, making this the market-leading rate for its terms. A fee of £1,295 is payable.
All borrowers with a modest deposit of 10% are welcome to apply for this mortgage. There are no incentives accompanying the deal, but borrowers are given the flexibility to make overpayments and underpayments, as well as take payment holidays, provided certain conditions are met.
The rate cut to this deal has given it a significant boost in terms of its competitiveness – it now holds a proud place in the charts and boasts a market-leading rate for its sector. Borrowers with only a small deposit are therefore likely to pay attention to this deal, particularly as it allows so much repayment flexibility. This is an outstanding product that fully deserves the highest Moneyfacts rating.
Moneyfacts rating: Outstanding
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