The mortgage is available for purchase or remortgage and has a £1,295 product fee.
N&P also offers a 3.64% five-year fixed rate at 90% LTV with no product fee and free standard valuation, with £250 cashback on completion for house purchase customers, free standard legal fees for remortgage customers and £500 cashback on completion for first-time buyers.
Richard Barker, Product Manager for Norwich & Peterborough Building Society, said: “We’re delighted to launch this mortgage, which we think will prove extremely popular with first-time buyers. As a mutual with no shareholders, we are able to look after the interests of our members by using our profits to offer competitive rates."
Rachel Springall, Finance Expert at Moneyfacts, added: “Anyone looking to secure a low fixed mortgage rate over the longer term will be delighted by this new deal from Norwich & Peterborough Building Society, priced at 2.93% it is the lowest five-year fixed deal requiring a 10% deposit."
