Norwich and Peterborough Building Society (N&P) has announced it is reducing rates on its ten-year fixed rate mortgages. The old 5.68 per cent rate / 90 per cent LTV has now been altered to 5.57 per cent / APR 6.1 per cent. As for the 5.78 per cent rate / 90 per cent LTV, this has changed to 5.67 per cent / APR 6.2 per cent.Finally, the 5.93 per cent / 95 per cent LTV product has been reduced to 5.82 per cent / APR 6.3 per cent.N&P’s group product manager, Gary Lacey said: “We have reduced our longer fixes which is good news for customers who are keen to keep their monthly repayments locked into an attractive interest rate.

Many of our customers want to benefit from long-term stability of mortgage repayments.”He added: “And for homebuyers with higher incomes, our five and ten year schemes offer the opportunity to borrow more with the security of knowing that any upward interest rate changes won’t affect their monthly repayments.”The minimum loan on all products is £1,000 - the maximum is negotiable. The changes come in with immediate effect.