Offset tracker mortgages from Norwich and Peterborough

Mon, 18 Dec 2006

Following adjustments by other mortgage lenders, Norwich and Peterborough Building Society have increased their product range. Available from now on are two new offset tracker mortgages .

These loans allow borrowers to offset against a Gold Current Account and also offer free valuations and legal fees. Tracker mortgages are designed to follow the base rate, adjusting as it changes. Offset mortgages offset savings and other finance against the loan, reducing the interest and possibly the repayment term.

The product manager at Norwich and Peterborough, Richard Barker, said: "These two new offset mortgages compare very well with what's currently available. The new products track the bank base rate for the term of the mortgage, ensuring that our customers benefit from a long term competitive rate of interest. And our offset customers like their flexibility and the opportunity to save on the amount of interest paid and potentially pay off their mortgage earlier."

Many lenders are adjusting their mortgage services and rates, following the Bank of England base rate rise in November.
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