N&P Building Society Ups LTV On Selected Mortgages

N&P Building Society has increased the LTV to 85% on selected of its discount mortgages and offset mortgages.

Raising the desposit for a mortgage can be daunting and with many providers being more cautious over their lending and setting deposit levels high, or making the LTV low, has increased problems, particularly for first time buyers.

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

As Richard Barker, N&P’s product manager for mortgages comments “”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.”

The 2 year discounted mortgage has a £995 product fee with the option to overpay or underpay with capital payments possible up to 10% of the loan or £10,000 whichever is lower.

The offset mortgage has a minimum loan amount of £50,000 and a £795 product fee (with £200 cashback after completion for re-mortgages). There are no standard legal fees (for remortgages using nominated solicitors). For this mortgage you are required to have an active Gold current account.

The full list of products with an increased LTV is below:

• 2.59% 2 year discounted rate – maximum LTV increased from 75% to 85%
• 3.50% 2 year discounted rate with £395 fee – maximum LTV increased from 80% to 85%
• 2.95% 3 year discounted rate – maximum LTV increased from 80% to 85%
• 3.15% 3 year discounted rate – maximum LTV increased from 80% to 85%
• 3.65% 3 year discounted rate with £395 fee – maximum LTV increased from 80% to 85%
• Offset 3.50% 3 year discounted rate – maximum LTV increased from 80% to 85%
• Offset 3.65% 3 year discounted rate – maximum LTV increased from 80% to 85%
• Green Mortgage – 5.25% 4 year discounted rate – maximum LTV increased from 80% to 85%
• 3.95% 5 year discounted rate – maximum LTV increased from 80% to 85%
• Additional borrowing SVR for term – maximum LTV increased from 80% to 85%

For more information, customers should call into any N&P branch, visit their website or call 0845 300 2522.