Norwich and Peterborough Mortgages

Key takeaways

• The Norwich & Peterborough Building Society (N&P) merged with the Yorkshire Building Society and has stopped offering new products such as mortgages, savings accounts, current accounts, insurance products, and share dealings

• Customers looking for new financial products are now directed to the Yorkshire Building Society, which has taken over these responsibilities

• Despite the cessation of new product offerings, existing N&P mortgage customers still have several options to manage their mortgages effectively

About Norwich & Peterborough Building Society

The Norwich & Peterborough Building Society, commonly known as N&P, has been a familiar name in the UK's financial landscape for many years. However, in 2011, N&P merged with the Yorkshire Building Society, marking a significant change in its operations. Since the merger, N&P has ceased offering new products such as mortgages, savings, current accounts, insurance products, or share dealings. Customers looking to take out a new mortgage are now directed to apply through the Yorkshire Building Society, which has taken over these responsibilities.

Despite the merger, it's important for existing N&P mortgage customers to know that they haven't been left in the lurch. There are still several options available to them, ensuring they can continue to manage their mortgage effectively.

• Move your mortgage product if you move home: N&P customers can still port their existing mortgage to a new property if they decide to move.

• Take out additional lending on your current mortgage: If you're looking to borrow more against your home, this could be a viable option.

• Change your mortgage deal or interest rate: Existing customers might have the opportunity to switch to a different mortgage deal or adjust their interest rate.

Compare mortgage deals with MoneySuperMarket

When it comes to finding the best mortgage deal, it's essential to have the right tools at your disposal. MoneySuperMarket offers a comprehensive platform where you can compare a wide range of mortgage deals from various providers. This service can help you find a mortgage that fits your financial situation and property aspirations.

By using MoneySuperMarket, you can compare:

• The type of mortgage that suits your needs, whether it's a fixed-rate, tracker, or an interest-only mortgage.

• The initial monthly cost to help you budget and plan your finances.

• The initial interest rate to understand how much interest you'll be paying at the start of your mortgage.

• The maximum loan-to-value ratio offered by lenders, which can affect the size of the deposit you'll need.

• The presence of any mortgage fees that could impact the overall cost of your mortgage.

In conclusion, while the Norwich & Peterborough Building Society may no longer be offering new products, existing mortgage customers still have options to manage their home loans effectively. For those in the market for a new mortgage, MoneySuperMarket remains a valuable resource for comparing the latest deals and finding one that best suits your individual needs. Remember, staying informed and considering all your options is key to making the best decision for your financial future.

Your home may be repossessed if you do not keep up repayments on your mortgage.