Norwich & Peterborough returns to B2L lending
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Norwich & Peterborough Building Society has returned to the buy-to-let market with a limited tranche of funding.
The lender is launching three new products: a two-year fix at 5.20%, a three-year fix at 5.90% and a two-year discount rate at 4.85%.
The deals are available up to 75% LTV, but only 50% LTV for flats outside London and 65% LTV for London flats.
They are available for purchase, remortgaging and capital raising, and come with an arrangement fee of 1.5% of the loan.
Graham Toy, head of commercial lending and Norwich & Peterborough, says the lender has decided to make a measured re-entry into the buy-to-let market after it ceased buy-to-let lending in June 2009.
He says: “Our new buy-to-let mortgages are available up to 75% LTV, and have been available since May 9. This bolsters our existing buy-to-let products for borrowers who are limited companies.
“We are excited by this move back into personal buy-to-let mortgages. To ensure a manageable re-entry, we are making these products available to our existing commercial brokers and a small number of residential brokers who have supported the society in the past with buy-to-let applications.”
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