Last post: Jan 26, 2012
I have to be a bit careful with the title of this piece because the way the market is going and the way interest rates are forecast to stay so low for so long (at time of writing, the CEBR expects Interest rates to remain unchanged until 2016!) it could well be soon out-dated, However, for now, the title is safe.
I have to be a bit careful with the title of this piece because the way the market is going and the way interest rates are forecast to stay so low for so long (at time of writing, the CEBR expects Interest rates to remain unchanged until 2016!) it could well be soon out-dated, However, for now, the title is safe. Norwich & Peterborough Building Society have stunned the market with the boldest move yet in long term fixed rate mortgages. With a fixed rate of 3.99% for 10 years, it means you do not need to worry about what Mervyn and the boys are doing at the BoE until 2022. At Choice Loans we're calling it the 'Sleepeasy' mortgage. If you like fixed rate and ar ein variable, this could be one of the best remortgage deals you're likely to see Does it come with restrictions and at a cost? Well, you'll be surprised to learn the terms are not that onerous:
- LTV of up to 75% is available
- Amounts from £25,001 to £350,000 are available
- The Lender fee is just £295
- Free legals and free valuation for remortgage customers/£200 cash back for Purchases
However, there are a few catches to be aware of:
- Early repayment charges apply if you repay within the 10 year period or if you repay more that 10% per year (or £10,000) in this period
- No self-build or conversions
- To paraphrase one of their rival's adverts: "Brand new customers only"
That said, many people will appreciate the security of knowing what their outgoings are so it's reasonable to expect the good people at N&P will be kept busy with this one. If you need any assistance in discussing your mortgage options, give us a call on 0845 1260350 and we'll connect you with one of our panel of qualified Mortgage brokers.
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