Norwich and Peterborough 10 year best fixed mortgage rate is withdrawn.

On January 25, the Norwich and Peterborough Building Society launched a new 10 year best fixed mortgage rate at 3.99 per cent for up to 75 per cent loan to value. It which was only available direct from the lenders and was marketed as the lowest ever 10 year fix.

Less than 2 weeks on and the 10 year best fixed mortgage rate has been withdrawn by the Norwich and Peterborough. The reason for the withdrawal has been stated by the lender as exceptionally high demand. At the time of the launch mortgage brokers predicted that numbers of borrowers taking up the new deal would be low, however the opposite has been proved to be true. The building society has said that unprecedented demand means the product will no longer be available in order to manage service levels.

Richard Barker, product manager at the Norwich and Peterborough commented on the decision by saying “We were confident it was the right time to offer a 10 year best fixed mortgage rate deal 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 however, 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.”