N&P increases LTV on mortgages

Tuesday, 01 February 2011 02:07

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.

On its two-year discounted variable rate mortgage at 2.59 per cent the society has increased the LTV from 75 per cent to 85 per cent, while it has risen from 80 per cent to 85 per cent LTV on a selection of other rates.

Richard Barker, N&P's product manager for mortgages, stated the move will be a welcome boost for many prospective homeowners "who might have struggled to raise a sufficient deposit to purchase or re-mortgage in the current environment".

He added the broad selection of deals means a number of people will be able to take advantage of them.

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