Norwich and Peterborough Building Society has re-entered the ten-year fixed mortgage market with a product claimed to be the cheapest on the market.
Launched yesterday, it has a 3.99% rate and is available at up to 75% LTV. It comes with a product fee of £295.
Richard Barker, N&P product manager, said: “We are delighted to launch this new product and it is one we are confident will be well received in the market.
“We know there is an appetite for longer-term products and current swap rates have allowed us to look at our mortgage provision and offer this excellent product.
“We know that this competitive rate will be welcome news for those who wish to fix for a longer period of time, particularly as ten-year fixed rate products are rare overall within the mortgage market.”
Remortgaging customers are also being offered free valuation and legal fees or cashback options.
Meanwhile, Skipton Building Society has also launched new fixed-rate products as of yesterday.
Both are two-year fixes, with a residential deal available at 2.29% at 60% LTV, and a buy-to-let deal available at 3.18% at up to 60% LTV.
The residential deal has a £195 application fee and a £1,200 completion fee, and the buy-to-let deal has a £245 application fee and a £1,750 completion fee.
Kris Brewster, Skipton's head of products, said: “We expect that these products will prove to be attractive options for people with larger mortgages, for whom the high fee is an attractive trade-off when it comes to benefiting from a particularly low rate.”
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