Norwich and Peterborough Remortgage
If you currently have a standard variable rate mortgage, then switching to a Norwich and Peterborough remortgage, including discounted, fixed-rate and tracker packages, could reduce your monthly repayments. Borrow up to 95% LTV, with specialist packages available for self-builders and investor landlords. A ‘Green’ remortgage facility offers incentives to customers installing energy-saving devices.
Norwich and Peterborough Review
Norwich and Peterborough was formed in 1986 by a merger between the Peterborough and Norwich Building Societies, and has roots dating back to 1852. n 2011 this was merged with Yorkshire Building Society, although the Norwich and Peterborough Building Society brand has been retained. Its 55 branches in East Anglia, Northamptonshire, Lincolnshire and Bedfordshire deliver mortgage and savings services to more than 470,000 customers.
In 2005, Norwich and Peterborough was voted ‘Regional Innovator of the Year’ by readers of Moneywise magazine.
With a Norwich and Peterborough remortgage, you could:
- Benefit from a lower interest rate or better mortgage terms
- Free up capital for ecological renovations or an extension – these can boost the value of your property if done correctly
- Release equity in your home for a car, family wedding or school fees
- Consolidate existing debts into a hassle-free monthly payment
What is a remortgage?
A remortgage is when you replace your existing mortgage with a new one. There are many reasons for remortgaging, but the majority fall into one of the two following categories:
- Remortgaging to save money – If you have a fixed rate mortgage deal, your interest rate will usually switch to the lender’s Standard variable Rate (SVR) which is likely to be higher and will probably mean that you have to pay more each month. By switching to a better deal with a different mortgage provider, remortgaging could potentially allow you to benefit from lower interest rates and lower monthly mortgage repayments.
- Remortgaging to raise money – Remortgaging can allow you to release some of the equity in your home. This could be useful if you wanted to carry out repairs to the property, add an extension, help your child with their own mortgage deposit, or consolidate other existing debts.
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