The direct-only deal offers borrowers a free valuation, as well as free legal fees for remortgages or £200 cashback for purchase customers.
Richard Barker, product manager at N&P, said: “The current swap rates have allowed us to look at our mortgage provision and offer this excellent product.
“We know that this competitive rate will be welcome news for those who wish to fix for a longer period of time, giving them the certainty of what their monthly payments will be for the duration of their loan.”
N&P merged with Yorkshire Building Society at the end of 2011 and said it would look to offer increasingly competitive mortgages throughout 2012.
David Black, insight analyst at Defaqto, said: “There are very few long-term fixed rate mortgages currently available on the market and this one has the lowest rate as well as a low fee.
“If you know that you’re going to stay in your property for a longer period of time and want a long-term rate, then this product offers a good solution and is worth considering.”
