Norwich & Peterborough building society has launched two new mortgages with no product fee for home buyers and remortgage customers.
Both products are fixed for two years. The first one is for loans of up to 65 per cent loan-to-value (LTV) and has a fixed rate of 1.94 per cent. The second one comes with a rate of 3.39 per cent and up to 90 per cent LTV.
There are no product fees on both products and each of the offers includes a free standard valuation and £200 cashback. Remortgage customers have the option to choose between £200 cashback on completion or free standard legal fees.
“While it can be cheaper in certain circumstances to choose a mortgage with a very low rate and a higher up-front product fee, some borrowers are better off opting for lower-fee mortgages.
“The 3.39% two-year fixed rate mortgage will be good news for first time buyers and removes some of the financial outlay people face when they first get on the property ladder, while the 1.94% two-year fixed rate for those with a 35% deposit is ideal for anyone moving home or remortaging and wanting to keep their costs down, “ Richard Barker, product manager at N&P, said.
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