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N&P returns to buy-to-let sector

Norwich & Peterborough Building Society has returned to the buy-to-let sector.

The building society pulled out of buy-to-let lending in June 2009. It has returned with three products, including a two and three-year fixed rate at 5.2 per cent and 5.3 per cent respectively, and a two-year discount rate mortgage at 4.85 per cent.

All of the products carry a 1.5 per cent arrangement fee and there is a maximum loan-to-value of 75 per cent. The maximum LTV for flats is 50 per cent, or 65 per cent within the London area.

Head of commercial lending Graham Toy says: “We are excited by this move back into personal buy-to-let mortgages. To ensure a manageable re-entry, we are making these products available to our existing commercial brokers and a small number of residential brokers who have supported the Society in the past with BTL applications.”

Skipton Building Society returned to buy-to-let lending in March, and Abbey for Intermediaries, Yorkshire Building Society and Metro Bank have all announced intentions to break into the sector in the future.

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