18
Nov
Building society drops mortgage rates for houses for sale
A building society has dropped its mortgage rates to encourage
people to buy houses for sale in the UK.
Norwich & Peterborough Building Society (N&P) announced
earlier this week that it has reduced its fees on its five-year
fixed-rate products in an attempt to boost the number of first-time
buyers in the housing market.
Product manager at N&P Richard Barker said: "[These changes
are] very good news for those looking to buy their first home or
move home as we approach the start of 2011."
He added that that the financial provider is offering "some of the
lowest rates currently available".
These reductions include a drop from 4.99 per cent to 4.88 and from
5.24 per cent to 5.13 per cent per cent on the repayment of a
five-year fixed-rate mortgage at 85 per cent loan-to-value
(LTV).
Last month, N&P introduced two new products at discounted
rates, which it stated were the "best in the market" at their LTV
values.
These included a two-year mortgage at 85 per cent LTV for 2.95 per
cent and a five-year loan at 80 per cent LTV available at a rate of
3.95 per cent. 