With N&P's tracker mortgage, homebuyers will pay Bank Base Rate (currently 4.50 per cent) plus +0.24 per cent for the term of the loan. It is available on mortgages up to 75 per cent loan to value (LTV).
Richard Barker, product manager at N&P, said: "This is one of the best Base Rate trackers on the market and the lowest we have ever offered. The rate is lower than many short-term variable rates available from other lenders; however, with our product, the borrower will benefit from an attractive rate for the term of their mortgage. Unlike many other tracker products in the market, ours has no early repayment charges so borrowers can switch, or pay off their mortgage, at any time without penalty. As a regional, independent building society, we continue to attract growing numbers of customers from other mortgage lenders.”
Main details of Bank Base Rate tracker:
• Bank Base Rate +0.24 per cent for the term of the loan
• Minimum loan £200,000 / Maximum loan £2million
• No early repayment charges
• Maximum 75% LTV
• Flexible features available - overpayments allowed from the outset; any overpayments made can be used to fund payment holidays and underpayments
• Application/Valuation fee from £280
• £750 reservation Fee
