‘Outstanding’ mortgage for 10% deposit holders | Product News - Moneyfacts

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‘Outstanding’ mortgage for 10% deposit holders

‘Outstanding’ mortgage for 10% deposit holders

Category: Mortgages
Date: 08/03/2016

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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.

The basics…

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.

The finer details…

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.

Why we like it…

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

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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