N&P increases LTV on selected mortgages

N&P (Norwich and Peterborough Building Society) is giving a boost to those looking at buying their first home, or re-mortgaging their current home, by increasing the loan to value (LTV) on a number of discounted rate mortgages to 85%.

This increase is with effect from Tuesday 1st February 2011.

The Society has increased the LTV from 75% to 85% on its 2 year discounted variable rate mortgage at 2.59%, and from 80% to 85% LTV on a selection of other discounted variable rates.

Richard Barker, N&P's product manager for mortgages, said: "These new higher LTVs across a broad selection of our variable rate mortgages mean that a greater number of people will be able to access these good deals, whether they are buying their first home, or looking to re-mortgage after coming off their previous deal with their mortgage provider.

"This 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. An 85% LTV mortgage discounted to 2.59% for two years might be perfect for those looking for very low repayments while they find their feet as a homeowner, or our 3.50% offset mortgage might suit them if they already have a nest-egg they want to utilise."