The Norwich and Peterborough Building Society was set up in 1852 and was known as the Norwich and District Provident Permanent Benefit Building and Freehold Land Society.  It’s name was later changed to the shorter and more easily coped with name ‘Norwich Building Society’. It was in 1860 that the railway employees at the Corn Exchange formed the Peterborough Provincial Benefit Society and was explicitly established to enable members to construct homes of their own within the city of Peterborough. The name was once again altered to the Peterborough Building Society in 1962 and in the year of 1967,1980 and 1985 respectively the society incorporated the King’s Lynn Building Society, Stamford Building Society and Argyle Building Society.

It was in 1986 that the Peterborough Building Society and the Norwich Building Society united to become the Norwich and Peterborough Building Society (N&P). Early in November 2011 Norwich and Peterborough Building Society united with the Yorkshire Building Society.

The Norwich and Peterborough Building Society has well over 45 branches throughout East Anglia as well as Northamptonshire and Lincolnshire and presently has a work force of in the region of 1,000 people. In 1990 a branch was launched in Gibraltar.

The Norwich and Peterborough Building Society is not a bank. There are no shareholders and they do not just deal with mortgages but offer other financial services such as banking, insurance and financial advice.  The society is an unsecured loan company meaning that a client’s home or possessions are not secured against a loan and therefore should a client be unable to repay, the society cannot make claim to any property.    Missing any repayments to Norwich and Peterborough Building Society will result in a charge that in turn will of course mean you will find the money you owe increasing due to the charge.

Below are details of the kinds of mortgages available for first time buyers and remortgaging from the Norwich and Peterborough Building Society along with a few examples of their rates etc.

Fixed Rate Mortgages – where the interest rate is fixed for a certain period of time and monthly payments do not alter even if interest rates increase or decrease.

A 2 year Fixed Rate (75% LVT)

• Fixed payments for a two year period
• Initial rate of 3.09%
• 75% Loan to Value (LVT)
• A product fee of £295
• Option to overpay or underpay (subject to terms and conditions)
• Capital repayments can be made up to 10% of the loan or £10,000 each year without incurring a charge
• The rate changes to their SVR (standard Variable Rate) when the two year term ends
• There is a an early repayment charge
• Is not available for self-builds or conversions

A 2 year Fixed Rate (85% LTV)

• Fixed payments for a two year period
• Initial rate of 3.99%
• 85% Loan to Value (LVT)
• A product fee of £295
• Option to overpay or underpay (subject to terms and conditions)
• Capital repayments can be made up to 10% of the loan or £10,000 each year without incurring a charge
• The rate changes to their SVR (standard Variable Rate) when the two year term ends
• There is a an early repayment charge
• Is not available for self-builds or conversions

A 3 year Fixed Rate (75% LVT)

• Fixed payments for a three year period
• Initial rate of 3.14%
• 75% Loan to Value (LVT)
• A product fee of £795
• Option to overpay or underpay (subject to terms and conditions)
• Capital repayments can be made up to 10% of the loan or £10,000 each year without incurring a charge
• The rate changes to their SVR (standard Variable Rate) when the three year term ends
• There is a an early repayment charge
• Is not available for self-builds or conversions

A 5 year Fixed Rate (85% LVT)

• Fixed payments for a five year period
• Initial rate of 4.24 %
• 85% Loan to Value (LVT)
• A product fee of £795
• Option to overpay or underpay (subject to terms and conditions)
• Capital repayments can be made up to 10% of the loan or £10,000 each year without incurring a charge
• The rate changes to their SVR (standard Variable Rate) when the three year term ends
• There is a an early repayment charge
• Is not available for self-builds or conversions

A 2 year Discounted Mortgage (75% LVT)

• Fixed payments for a three year period
• Initial rate of 2.69%
• 75% Loan to Value (LVT)
• A product fee of £795
• Option to overpay or underpay (subject to terms and conditions)
• Capital repayments can be made up to 10% of the loan or £10,000 each year without incurring a charge
• The rate changes to their SVR (standard Variable Rate) when the three year term ends
• There is a an early repayment charge
• Is not available for self-builds or conversions

Offset Mortgages – such mortgages essentially merge your mortgage, savings, current account or any other borrowings such as loans into one big adaptable account. This can be best expressed as imagine it as being a normal bank account but one with large overdraft facilities. With such a mortgage your mortgage repayments are used to reduce the outstanding amount of your overdraft and is very like a traditional mortgage.

A 2 year Discounted Offset Mortgage

• Fixed payments for a two year period
• Initial rate of 2.89%
• 75% Loan to Value (LVT)
• The minimum loan is £25,001
• A product fee of £795
• Option to overpay or underpay (subject to terms and conditions)
• Pay off more capital or reduce mortgage term
• A client is required to have an active Offset Account
• There is a valuation free
• Early repayments charge should the mortgage be paid in full within the first two years.
• Is not available for self-builds or conversions

The Norwich and Peterborough Building Society is the 9^th largest building society in the UK. In 2009/10 it was voted the best Building Society in the PFA Awards.