N&P drop LTV

In times of unrest within the mortgage and housing markets, lenders left right and centre are taking measures to protect their interests and limit their exposure to market risk.

N&P is the latest mortgage lender to revise their rates as a result of this, reducing its maximum LTV down to 90%.

Richard Barker, N&P's product manager, said: "We have reduced our maximum loan to value in a move to protect the Society's mortgage book from potential risk exposure that could result from a downturn in the housing market.

“By taking this action now and concentrating on higher quality, lower LTV business, it will ensure that we are able to maintain an attractive range of mortgage products in the future.

“We have no immediate plans to make changes to the rates of our mortgage products, however, along with all other lenders, we are continuing to watch the market closely."