N&P puts up LTV and drops fixed rate

The Peterborough Evening Telegraph - - Etbusiness Daily -

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.”

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