The mutual was unable to confirm whether this was the beginning of a wider move back into the intermediary market.
Graham Toy, head of commercial lending at N&P, said: “N&P has decided on a measured re-entry into the buy-to-let market, and have made a limited tranche of funds available through three products – two and three year fixed rate deals which revert to our standard variable rate, and an SVR discount product.”
The loans are available up to 75% LTV and the lender said the range bolsters its existing BTL products for Limited Company borrowers.
N&P has already sent letters to the restricted buy-to-let panel of brokers it will work with and won’t accept applications from the wider market.
N&P is set to merge with Yorkshire Building Society with the member vote expected to approve the move set for August.
A spokesperson said: “This is a move we’ve planned to make before the merger. We’ve been in the buy-to-let sector for a number of years. We’ve got a good quality book and now is a good time.”
The loans are offered to a maximum of 75%, or 65% in the London area and at up to 75% LTV – the two-year fixed rate is offered at 5.20%, the three-year fix at 5.90% and the two-year discount is 0.50% off Standard Variable Rate.
All loans take a 1.5% arrangement fee and the procuration fee is 0.5% of the loan, paid on completion.
