Norwich & Peterborough Building Society has decided to take their ten year fixed mortgages offer off the market after it experienced a high demand and completed as many deals as they could offer lending for. In these times of economic uncertainty, people apparently jumped at the chance to get a secure rate before the market explodes again, making it a very successful offer for N&P.

The bank offered lenders the chance to sign into a mortgage for ten years at the low rate of 3.99% with a 75%LTV attached to the offer, making it a great choice for those who wanted to remortgage at a solid rate. The ten year fixed mortgage product was one of the best mortgage rates of its kind on the market and offered security for many homeowners that would take them up until the close of their mortgage.

Plus, it had a low arrangement fee of just £295 making it an excellent choice for those who wanted a low cost way to buy security over the following for the next few years.  The product was officially pulled off the market on February 6^th, but those who had already made agreements and appointments with N&P will still see the deal honoured.

It was a surprise to see such a large uptake of the deal, given the fact that the Bank of England has left the base rate down at the historically lowest  0.5% for the last few years, and there is still not a clear cut time frame for when it may rise. However, despite this fact the low mortgage rate was still attractive to most and quickly became oversubscribed after only being on the market for justover one month. This is a clear sign to other banks that ten year fixed mortgage products are an attractive choice for those who own a home.

Richard Barker, the N&P Product Manager, stated that the bank felt that it was an excellent time to offer a ten year mortgage product to the public and they were proved right after they saw the high demand for the deal they had offered. He added that the extra incentives that were tacked onto the deal such as cashback and low fees also helped to draw more consumers towards the amazing rate.

He added that they had to take the product off the market in order to keep their high customer service standards but in the future hope to be able to offer another similar product to consumers.