N&P announces increase in LTV

N&P cuts rates on 85% LTV mortgages

N&P has cut the cost of many of its 85 per cent LTV fixed-rate mortgage products.
N&P increases LTV on mortgages

The loan to value (LTV) on a number of discounted rate mortgages has been increased to 85 per cent by Norwich and Peterborough (N&P) Building Society.

Thursday, 24 June 2010 12:00

Norwich and Peterborough (N&P) Building Society has increased the loan-to-value (LTV) it will lend.

The company has announced it will also decrease its five-year fixed-rate mortgage rate.

A selection of fixed-rate house loan products have seen their LTV escalate from 80 per cent to 85 per cent, as well as a number of its discounted variable rates from 75 per cent to 80 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."

He added this latest news will be a welcome boost for those who have struggled to scrape together enough cash for a sufficient deposit.