The new 25-year product will be available with a rate of 6.38% from August 15, 2007, and features no redemption penalties after 10 years, a free valuation, GBP200 cashback for purchasers, the choice of free legal fees or GBP200 cashback for remortgagers, and a GBP385 reservation fee.
In addition, the lender has dropped the rates of its other five-year and over fixed mortgages, which has seen its 10-year deal become more competitive, with a 5.88% rate.
Richard Barker, product manager at Norwich and Peterborough Building Society (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%, our Base Rate Tracker at +0.39% for term and our new ‘fix and track’ options, we are confident that we have a range of mortgages to suit all needs, Mr Barker concluded.
