Norwich and Peterborough Building Society mortgages 'fit with wider aims'

Date:Tuesday 5th October 2010
Author: Susanna Kavka

Two new Norwich and Peterborough Building Society mortgages fit in with the company's wider aim of increasing lending, according to a source at the organisation.

Mortgage product manager at the firm Richard Barker made his comments about a two-year fixed-rate deal at 2.95 per cent interest and a five-year arrangement at 3.95 per cent interest.

While the two-year proposition is available at up to 85 per cent loan to value (LTV), the five-year home finance contract is offered at up to 80 per cent LTV, which Mr Barker hopes will extend the amount of lending the firm carries out.

He claimed this is part of a wider strategy for the firm.

"The new products - at the time of issue - are both 'best in the market' at their respective LTV tiers," said the Norwich and Peterborough Building Society mortgages spokesperson.

Last month, head of marketing at the company hailed its five-year fixed-rate deal at 4.49 per cent interest as a best-buy arrangement in the 80 per cent LTV category.