Borrowers looking for added incentives can take advantage of the 4.34% two-year fixed rate mortgage at 95% LTV, which has no product fee and includes a free standard valuation and £250 cashback on completion.
N&P is also launching new five-year fixed rate mortgages for borrowers with a 5% deposit.
A five-year fixed rate mortgage is available at 4.79% with an £845 product fee while the incentivised version has a slightly higher rate of 4.99% but has no product fee and includes free standard valuation and £250 cashback on completion.
Other highlights of the rate reductions include a three-year fixed rate mortgage at 1.99% for borrowers with a 35% deposit. This is available with an £195 product fee for house purchases and remortgages.
Richard Barker, Mortgage Product Manager at N&P, said:
“As a mutual organisation, we pride ourselves on helping customers own their own home for the first time. These 95% LTV mortgages will give people with smaller deposits value for money while securing a competitive rate. The option of added incentives helps to keep down initial costs of buying your first home.”
