New 90% LTV Mortgages From N&P

Norwich & Peterborough (N&P) Society has launched 2 new 90% LTV mortgages as well as increasing the LTV maximum for their self-build and new-build houses.

For those looking to build a new home or move into a newly built house, the maximum LTV on the N&P mortgages has increased from 75% to 80%.

For those looking for a 90% LTV mortgage, there’s a 2 year fixed rate mortgage option at 5.69% and a 4.95% 2 year discounted rate (0,40% discount off SVR). On the discounted mortgage the minimum interest rate floor is 4.95%.

Both these mortgages have a £995 product fee and come with free valuation and free legal fees for remortgage or £200 cashback for purchase.

Both mortgages also have redemptin charges of 3% over the 2 year term.

As Richard Barker from N&P commeted: “These new mortgages at the higher LTV mean that a greater number of people will be able to get a foot on the property ladder, re-mortgage or move house if they have seen their equity squeezed in recent times, and that is very good news.”

MoneyHighStreet.com comment: It seems that N&P are really pushing with their new mortgage deals, having also recently announched cheaper fixed rate mortgages for up to 85% LTV.

It’s interesting to see this, particularly looking at the fixed rate mortgage options with an impending Base Rate rise looming. Depending on your circumstances it may be worth considering a move to a fixed rate mortgage. What do you think?