The Norwich and Peterborough Building Society was formed as a result of a merger between Peterborough and the Norwich Building Societies in 1986. However its roots go back as far as 1852. The Society now operates over 50 branches throughout East Anglia, Northamptonshire, Lincolnshire and Bedfordshire and currently has over 1,000 employees.

It is a mutual organisation which means it is owned by its members with no shareholders to pay dividends to, leaving enough room to provide customers with better products, competitive rates and the highest standards of service. It aims to please its customers, not profit-hungry equity shareholders.

It has mortgages the following types of mortgages:

Fixed Rate
Discounted Rate
Base Rate Tracker
Offset

Fixed Rate: your mortgage will be fixed at an agreed rate for a set interval. After the fixed rate period is over the mortgage rate will be at the Society’s standard variable rate. You can apply for 2, 3, 5 or 10 year fixed rate mortgages.

An early repayment fee is payable
Your mortgage is portable, if you move then it can move with you
Fixed mortgages are flexible as well, you can make underpayments and even take payment holidays as long as you have made adequate overpayments

Discounted Rate: your mortgage rate is set at a discount off the Society’s standard variable rate for an agreed interval. After the discount period your mortgage will convert to the Society’s standard variable rate. You can apply for 2 and 5 year discount mortgages.

An early repayment fee may be payable if you repay during the discount period
Your mortgage is portable, if you move then it can move with you
Discount mortgages are flexible as well, you can make underpayments and even take payment holidays as long as you have made enough overpayments

Base Rate Tracker: your mortgage rate will be set according to the Bank of England base rate. Your rate can be set for the entire mortgage term or for an agreed interval, this depends on which tracker product you choose .

There is no early repayment charge
Your mortgage is portable if you move then it can move with you
Tracker mortgages are flexible as well, you can make underpayments and even take payment holidays as long as you have made adequate overpayments

Offset: you can use your N&P savings account to reduce your mortgage balance on which your interest payments are calculated. This helps to lower the amount you pay monthly. You can apply for offset mortgages that also have tracker and fixed rate facilities.

There is no early repayment charge
Your mortgage is portable if you move then it can move with you
Tracker mortgages are flexible as well, you can make underpayments and even take payment holidays as long as you have made adequate overpayments

The Society deals in Spanish mortgages as well:

Fixed Rate
Variable Rate
Tracker Rate

Fixed: you can choose between 2 and 5 year fixed rate mortgages. After the fixed period has finished the rate will convert to the Society’s standard variable rate.

The maximum mortgage term is 20 years
An early repayment charge will apply during the first 5 years

Variable: your interest rate is set at the Society’s standard variable rate for the whole mortgage term.

Tracker rate: your mortgage is set according to the Banks of England base rate. It is stepped for the first 5 years. It will then relapse to the Society’s standard variable rate for the remaining mortgage term.

Additional Borrowing: you can opt to choose this option if you wanted to make home improvements. Repayments can be spread over your original mortgage term or over a shorter period.

You can also apply for a Standard Variable Rate mortgage. This is linked to the Bank of England base rate and the general market environment. However, the interest rate is calculated on an annual basis, and your monthly payment will be charged accordingly.

Standard Variable Rate mortgages are also flexible, you can make underpayments and even take payment holidays as long as you have made adequate overpayments

The Norwich and Peterborough Building Society has mortgages for commercial properties all over the UK and has other specialist mortgage options as well.