Norwich and Peterborough Building Society (N&P) has reduced rates on products with low deposits of 5 per cent for borrowers looking to buy their first home.
Rates were cut by up to 0.35 percentage points with the lowest rate standing at 4.14 per cent on a two-year fix at up to 95 per cent loan-to-value (LTV). The mortgage comes with a product fee of £845.
There is no fee for a two-year fixed rate mortgage at 95 per cent LTV that comes at a higher rate of 4.34 per cent , but also offers the incentive of a free standard valuation and £250 cashback on completion.
N&P is also launching new five-year fixed rate mortgages for borrowers with a 5 per cent deposit. A five-year fixed rate mortgage is available at 4.79 per cent with an £845 product fee while the incentivised version has a slightly higher rate of 4.99 per cent but has no product fee and includes free standard valuation and £250 cashback on completion.
Another highlight among the new offers is a three-year fixed rate mortgage at 1.99 per cent for borrowers with a 35 per cent deposit. This is available with an £195 product fee for house purchases and remortgages.
