There was more good news for mortgage customers yesterday (July 21st) as Norwich and Peterborough Building Society (N&P) announced that it would cut rates on its home loans.
Those opting for its 85 per cent loan-to-value (LTV) fixed-rate deals will see up to 0.4 per cent trimmed off their outgoings.
Available as two or three-year fixed-rate packages, the products are the lowest priced 85 per cent LTV offerings on the market, the lender claimed.
The mortgages are being offered to customers from today, while N&P’s five-year fixed-rate deals with and without incentives have also been reduced by 0.4 per cent to 5.24 per cent and 4.98 per cent respectively.
N&P mortgage manager Richard Barker said: “This reduction in the interest rates across the range of our fixed rate mortgages is very good news for those looking to move home, or re-mortgage.
Meanwhile, the Association of Mortgage Intermediaries recently claimed that while the market has stabilised, the tough times are likely to continue for a while yet.