The mortgage, for customers with a 35% deposit (65% LTV), is a 2.28% rate, fixed for five years, with a £1,295 product fee.
It complements its existing mortgage range, which includes a 1.64% two-year fixed rate with a £195 product fee also available to borrowers with a 35% deposit.
Richard Barker, Mortgages Manager for N&P, said:
“As a financially strong mutual which is not answerable to external shareholders, we put our members first by offering them highly competitive mortgages.
“Our priority is to help people to buy the home they want and we are proud to offer our lowest ever five-year fixed rate at 2.28%.
“This new mortgage is part of Norwich & Peterborough’s wide range which aims to help all types of borrowers, including those with larger or smaller deposits, first time buyers and those who want to remortgage or buy a new property.”
