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N&P withdraws 10-year fix at 3.99%

by: Mortgage Solutions
  • 06/02/2012
  • 0
N&P withdraws 10-year fix at 3.99%
Norwich & Peterborough has withdrawn its ten-year fixed rate mortgage at 3.99% less than two weeks after launching it due to unprecedented demand.

The building society said that in order to maintain customer service levels, the product will no longer be available after today.

All customer appointments already arranged with N&P’s mortgage advisors will be honoured.

N&P product manager Richard Barker said: “We were confident it was the right time to offer a ten-year fixed rate mortgage and have been proved correct that there is high demand for longer-term fixed deals, especially with incentives such as low fees and cashback.

“In order to maintain our high standards of customer service, we have reluctantly taken the decision to withdraw the product but, in the face of such interest from borrowers, hope to be able to return with a similarly competitive product in the future.”

Barker added: “We have been reviewing our mortgage range since our merger with Yorkshire Building Society at the end of last year and aim to offer more exciting and competitive deals throughout 2012.”

In last week’s Mortgage Solutions poll, 45% of brokers said they expect to sell a ten-year fix in the next six months.

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