A new ten-year fixed-rate mortgage from Norwich and Peterborough Building Society (N&P) has proved a hit among homeowners in the UK, it has been claimed.
The provider noted it has seen unprecedented demand for the product, which is its lowest-ever ten year home loan .
As such, the building society has been forced to withdraw the offer from the market – because it does not feel it will be able maintain the same customer service levels should the deal remain available.
N&P explained it will honour all the customer appointments already arranged with its mortgage advisors.
Richard Barker, product manager at N&P, said: “We were confident it was the right time to offer a ten-year fixed-rate mortgage and have been proved correct that there is high demand for longer-term fixed deals.”
The industry figure suggested incentives such as low fees and cash back played a part in the product’s popularity.
Earlier in the month, HSBC announced it is releasing a number of new mortgage products aimed at assisting first-time buyers as they attempt to get their foot on the first rung of the property ladder.
