Norwich and Peterborough Building Society (N&P) has withdrawn its 10-year fixed rate deal, following what it describes as ‘unprecedented demand’.
Customer interest in longer-term fixed mortgages led the Society to anticipate high levels of demand for the 3.99 per cent best buy rate but in order to maintain customer service levels the product will no longer be available.
All customer appointments already arranged with N&P’s mortgage advisors will be honoured.
N&P product manager Richard Barker said: “We were confident it was the right time to offer a 10 year fixed rate mortgage and have been proved correct that there is high demand for longer-term fixed deals, especially with incentives such as low fees and cashback.
“In order to maintain our high standards of customer service, we have reluctantly taken the decision to withdraw the product but, in the face of such interest from borrowers, hope to be able to return with a similarly competitive product in the future.
“We have been reviewing our mortgage range since our merger with Yorkshire Building Society at the end of last year and aim to offer more exciting and competitive deals throughout 2012.”
