6 Oct

New loans launched 'to support mortgage lending on houses for sale'

New loans launched 'to support mortgage lending on houses for sale'

New loans have been launched in an attempt to help people secure their mortgages to assist them to buy houses for sale in the UK.

Norwich & Peterborough Building Society (N&P) has introduced two discounted products.

One offer is on a mortgage with loan-to-value (LTV) of 85 per cent and comes at a rate of 2.95 per cent for two years, while the other is at 3.95 per cent for five years at 80 per cent LTV.

Mortgage product manager at N&P Richard Baker said: "The new products (at the time of issue) are both 'best in the market' at their respective LTV tiers and support the Society's aim to increase its mortgage lending through the rest of the year and into 2011."

As well as the new products, the organisation has reduced its additional borrowing rates for existing customers.

N&P is not the only mortgage provider to reduce rates to encourage more people to purchase houses for sale in the UK as Santander announced it has cut its loan charges by up to 0.26 per cent earlier this month. ADNFCR-1222-ID-800102215-ADNFCR

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