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Fixed-rate mortgage rates fall at N&P

Date: Thu, 11 Nov 04 Analysis

Norwich and Peterborough (N&P) has cut the interest rates it charges on its UK and Spanish fixed rate mortgage range.

From Monday November 15th N&P will cut its two-year fixed rate mortgage from 3.39 per cent to 3.24 per cent (6.3 per cent APR). As well N&P has reduced its three, four and five year fixed rate mortgages; its five-year fixed first time buyer product; its four-year fixed "green" mortgage; and its five-year fixed offset mortgage.

Additionally the changes see N&P ten-year fixed rate mortgage become the market leader at just 5.38 per cent (6.0 per cent APR).

"These reductions mean that N&P is offering some of the most attractive fixed rates in the current mortgage market," said Gary Lacey, N&P's group product manager.

"Homebuyers with higher incomes, the five and ten year schemes offer the opportunity to borrow more with the security of knowing that any upward interest rate changes won't affect their monthly repayments," he added.

All the domestic mortgages have no compulsory insurances with overpayments allowed from the outset. Overpayments can be used to fund payment holidays and underpayments later on.

For those looking to escape to the sun N&P has dropped its five-year Spanish fixed rate from 5.74 per cent to 5.64 per cent (APR 6.7 per cent).

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Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.