The Nottingham has cut rates on its two and five-year fixed residential products by up to 21bps and has also unveiled a pair of two-year discount mortgages.
The discount products come with a 1 per cent (of the outstanding balance) early repayment charge and no fees. The 75 per cent LTV product is priced at 1.70 per cent (Variable Mortgage Rate minus 4.04 per cent) and the 80 per cent LTV has a rate of 1.85 per cent (3.89 per cent off VMR).
With regards to the rate reductions, the largest pricing adjustment is on the no-fee five-year fixed 95 per cent LTV product (see bullet points below), which could appeal to first-time buyers and those with smaller deposits.
- Two-year fixed 80 per cent LTV with £199 upfront fees (£999 total), now 1.50 per cent (was 1.65 per cent)
- Two-year fixed 80 per cent LTV with no fees, 1.90 per cent (from 1.95 per cent)
- New five-year fixed 80 per cent LTV with £800 fees (£0 upfront) at 1.75 per cent
- Five-year fixed 80 per cent LTV with no fees, now 2.00 per cent (was 2.20 per cent)
- Five-year fixed 95 per cent LTV with no fees, 3.49 per cent (from 3.70 per cent)
The Nottingham’s Head of Intermediary Sales, Nikki Warren-Dean, says: “Having recently revamped our buy-to-let offering we are pleased to today be announcing more products and rate reductions in the residential space.
“Part of our ongoing mortgage reinvention strategy is to ensure that we continue to offer choice for people whether purchasing or remortgaging and whatever their situation, and we feel these latest products are another tick in that box.”
