Norwich & Peterborough
Norwich & Peterborough is building society and brand in its own right – but is now owned by the Yorkshire Building Society. As a customer, you will automatically become a ‘member’ of the building society. This means you will be invited to the Annual General Meeting (AGM) and have a say in how it’s run.
When it comes to mortgages, N&P is recognised for its ‘self-build’ deals, aimed at helping people turn their plans to build their own home, into a reality.
But it offers more standard mortgages too. If you’re keen to freeze your monthly repayments – for example, you’re a first-time buyer on a budget – a fixed rate deal might suit. N&P can offer fixed rate deals for up to 10 years but, as always, check for any early repayment charges and read the fine print to make sure it’s the right choice for you.
If you’re prepared to accept that your rate could change over the period of the deal, a tracker is another option. Tracker mortgages are set at a given percentage above the Bank of England base rate, and rise and fall alongside this.
If you have a lot of savings, you might also prefer to choose an offset mortgage which allows you to offset your savings against your debt – so long as they are also held with N&P. Although you don't receive interest on your savings, the amount of mortgage debt you pay interest on is reduced, helping you to pay off your mortgage more quickly.