It has launched an 85% LTV variable rate mortgage and has also lowered its five year fixed rate mortgage rate.
The society has increased its LTV on a selection of fixed rate mortgage products from 80% to 85%, and on a selection of its discounted variable rates from 75% to 80%.
In addition, its five year 6.59% fixed rate mortgage has also reduced to 5.89%, and its five year 6.69% fixed rate mortgage (with free valuation, £200 cashback for purchases, free legal fees for remortgages) has reduced to 5.99%.
Richard Barker, N&P’s product manager for mortgages, said: “We have witnessed a general trend of rising LTVs across the market over the last few months. The new higher LTVs will provide a welcome boost for many customers who have struggled to raise a sufficient deposit to purchase or re-mortgage in the current environment.”
Its fixed rate products with a new LTV of 85%
• 4.99% 3 year fixed rate
• 5.29% 3 year fixed rate (with free valuation, £200 cashback for purchases, free legal fees for remortgages)
• 5.89% 5 year fixed rate
• 5.99% 5 year fixed rate (with free valuation, £200 cashback for purchases, free legal fees for remortgages)
• Additional borrowing 6.99% 5 year fixed rate
Variable rate products with a new LTV of 80%
• 3.15% 3 year discounted rate
• 3.35% 3 year discounted rate (with free valuation, £200 cashback for purchases, free legal fees for remortgages)
• Offset 3.50% 3 year discounted rate
• Offset 3.65% 3 year discounted rate (with free valuation, free legal
