The maximum loan-to-value is 90 per cent, and the arrangement fee is £325. Redemption penalties are charged at nine months interest in the first three years and six months in years four to ten.
Stephen Penlington, general manager for N&P, said: “We are launching this mortgage in response to increasing demand from our customers. Many want to lock into attractive interest rates for as long as possible while interest rates are at such historically low levels. The mortgage offers peace of mind in knowing that even if rates do start to creep up, the monthly payments will stay the same for 10 years.”
