Norwich & Peterborough
2 year discounted rate mortgage
changes as at 20/02/06
Norwich & Peterborough launched a new variable rate mortgage this week with a discount of 3% on their standard variable rate for the first 2 years of the mortgage term. The discount gives a variable rate of 3.30%, which moves to the building societies standard variable rate after two years; currently 6.30%. The overall APR on this deal is 5.9% for the whole term. The mortgage comes with an early redemption charge that overhangs the discount period for three years, meaning you get charged a penalty calculated in relation to the interest rate if you move mortgages or pay off the mortgage in the first five years. After this time you are free to pay off the mortgage as early as you wish.