Norwich & Peterborough Building Society has launched a two-year fixed rate mortgage at a rate of 1.19% for borrowers with a 35% deposit.
The mortgage is available to those buying a home or remortgaging and has a £1,495 product fee.
For those looking to reduce upfront costs, N&P also offers a 1.69% two-year fixed rate at 65% loan-to-value with no product fee, available to both house purchase and remortgage customers.
Richard Barker, product manager for Norwich & Peterborough Building Society, said: “We always try to offer borrowers a range of options and good, value for money.
“We believe that our latest offering will prove very attractive to those customers who are looking for a competitive rate with the security of knowing what the exact repayments will be for the next two years, especially during this time of economic uncertainty.”
Since the start of this year average rates across all fixed mortgage terms have fallen.
The average two-year fix has seen a reduction of 0.24% since January, while the average five-year fix has fallen by 0.19% over the same period. The average 10-year fix has dropped by 0.20% since the start of the year.
With lenders slashing rates, experts believe there has never been a better time to get a mortgage.
HSBC recently launched a two-year fixed rate mortgage that has an interest rate of 0.99%, the lowest since records began.
Nationwide has cut its fixed rate and tracker mortgages by up to 0.25%, while Halifax has reduced its rates on its first-time buyer mortgage range by 0.30%.
Coventry Building Society has also launched the lowest ever 10-year fix at 2.39%.
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Whether you’re buying a new home, remortgaging to a new deal or buying an investment property, L&C can help – and you’ll pay no fee for their advice. To find out more, click here.
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