Advantages Good rate - term mortgage, good customer service
Disadvantages Not as cheap as old one!
The credit crunch is biting and we needed to remortgage as our current lender (St James Place Bank) was not offering a competitive remortgage.With products being withdrawn left right and centre we were starting to panic. Step in Norwich and Peterborough building society. We have been offered a reasonable rate (albeit costs more than our old mortgage but given the fact that interest charged on mortgages no longer follows the bank of England rate this is no surprise. We wanted a tracker offset mortgage. This means that we are able to receive no interest on the funds in our current or savings accounts but pay no interest on the balances.
We are paying the base rate plus 0.6% but it will go down if the base rate does which is great news.The best thing about the N&P mortgage is the very low arrangement fee £550 compared to £2500 for a similar product with Standard Life!!!!!
The service that we have received so far is also good -we had a free survey of the house - the guy turned up when he said he would and even refused tea and biscuits!We have also had free legal work - they have also been very efficient.
N&P staff also seem very friendly and with it and fingers crossed it will all go through smoothly!If you want to beat the credit crunch with an affordable mortgage that will follow the Bank of England rate.
The best thing about an offset mortgage is that you can overpay if you like but it is just as effective to hold the cash in the bank accounts with N&P. If you have £30k in savings and a £200k mortgage then you only pay interest on £170k - thus saving interest over the full life of your mortgage!We have already saved £10 k in interest in two years and shaved 5 years off our mortgage term!
Very good product!
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