N&P hikes LTV to 85%
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Norwich & Peterborough Building Society has increased its LTV to 85% and decreased its five-year fixed rate mortgage rate.
The society has increased its LTV on a selection of fixed rate mortgage products from 80% to 85%, and on a selection of its discounted variable rates from 75% to 80%.
In addition, its five-year 6.59% fixed rate mortgage has also reduced to 5.89%, and its five-year 6.69% fixed rate mortgage with free valuation, £200 cashback for purchases, free legal fees for remortgages has reduced to 5.99%.
Fixed rate products with a new LTV of 85% include a 4.99% three-year fixed rate, a 5.29% three-year fixed rate with free valuation, £200 cashback for purchases, free legal fees for remortgages.
As well as a 5.89% five-year fixed rate, a 5.99% five-year fixed rate with free valuation, £200 cashback for purchases, free legal fees for remortgages and an additional borrowing 6.99% five-year fixed rate.
Variable rate products with a new LTV of 80% include a3.15% three-year discounted rate with a 3.35% three-year discounted rate with free valuation, £200 cashback for purchases, free legal fees for remortgages.
It is also offering an offset deal at 3.50% with a three- year discounted rate.
An offset at 3.65% with a three-year discounted rate with free valuation, free legal fees for remortgages.
Richard Barker, product manager for mortgages at N&P, says: “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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