The mortgage, which is available up to 60% LTV (loan to value), is launched on Wednesday, 24 April.
In addition to the competitive rate, borrowers wanting to reduce their upfront costs will be tempted by a low fee of £295 and incentives including free valuation, and either free legal fees for re-mortgages or £200 cashback for home buyers.
Borrowers can overpay up to 10% of their mortgage each year without penalty, up to an annual limit of £10,000.
N&P Product Manager, Richard Barker, said:
“N&P is increasingly becoming known for competitive deals with low fees and this newest three year product complements our two year and five year fixed rate mortgages at 60% LTV.”
“The costs associated completing a mortgage can add up and, in the case of remortgaging in particular, may even deter homeowners from switching to a better deal which will save them money.”