N&P puts up LTV and drops fixed rate
N&P (Norwich and Peterborough Building Society) has increased the loan to value (LTV) it will lend, and decreased its five-year fixed rate mortgage rate
The city-based society has increased its LTV on a selection of fixed-rate mortgage products, from 80 per cent to 85 per cent, and on a selection of its discounted variable rates, from 75 per cent to 80 per cent.
In addition, its five-year 6.59 per cent fixed-rate mortgage has also reduced to 5.89 per cent, and its five-year 6.69 per cent fixed-rate mortgage (with free valuation, £200 cashback for purchases, free legal fees for remortgages) has reduced to 5.99 per cent.
N&P’s product manager for mortgages, Richard Barker, said: “We have witnessed a general trend of rising LTVs across the market over the last few months.
“The new higher LTVs will provide a welcome boost for many customers who have struggled to raise a sufficient deposit to purchase or re-mortgage in the current environment.”