18 Nov

Building society drops mortgage rates for houses for sale

Building society drops mortgage rates for houses for sale

A building society has dropped its mortgage rates to encourage people to buy houses for sale in the UK.

Norwich & Peterborough Building Society (N&P) announced earlier this week that it has reduced its fees on its five-year fixed-rate products in an attempt to boost the number of first-time buyers in the housing market.

Product manager at N&P Richard Barker said: "[These changes are] very good news for those looking to buy their first home or move home as we approach the start of 2011."

He added that that the financial provider is offering "some of the lowest rates currently available".

These reductions include a drop from 4.99 per cent to 4.88 and from 5.24 per cent to 5.13 per cent per cent on the repayment of a five-year fixed-rate mortgage at 85 per cent loan-to-value (LTV).

Last month, N&P introduced two new products at discounted rates, which it stated were the "best in the market" at their LTV values.

These included a two-year mortgage at 85 per cent LTV for 2.95 per cent and a five-year loan at 80 per cent LTV available at a rate of 3.95 per cent. ADNFCR-1222-ID-800244322-ADNFCR

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