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The Nottingham Announces Further Fixed Rate Residential Rate Cuts of Up to 45bps

Having cut rates (in August) across its group of two and five-year fixed residential products, The Nottingham is today announcing further price reductions to the same range.

The move comes after the building society also last week announced the lowering of rates across its 75 per cent LTV buy-to-let products.

The Nottingham’s latest pricing changes could be of interest to first-time buyers as their fee-free 95 per cent LTV five-year fixed mortgage has been reduced by 29bps.

All of the reduced products, which are available for purchase or remortgage, include a free basic valuation, free standard legal fees for remortgages and descending early repayment charges.

As well as the rate changes (detailed below), The Nottingham has also introduced a new product – a 90 per cent LTV two-year fixed at 2.05 per cent with a £199 upfront fee (plus £800 arrangement fee).

Two-year fixed

  • 85 per cent LTV – now 2.00 per cent, was 2.25 per cent. No fees.
  • 90 per cent LTV – now 2.35 per cent, from 2.75 per cent. No fees.

Five-year fixed

  • 90 per cent LTV – now 2.55 per cent, was 3.00 per cent. £999 total fees (£199 upfront)
  • 90 per cent LTV – now 2.85 per cent, was 3.20 per cent. No fees.
  • 95 per cent LTV – Now 3.20 per cent, was 3.49 per cent. No fees.

Nikki Warren-Dean, head of intermediary sales at The Nottingham, said: “Whether people are looking to purchase or remortgage, these latest rate reductions offer competitively priced choice. Nothing stays the same for long in this highly competitive marketplace. When it comes to our ongoing repricing, or the addition of new products, we are committed to our reinvention being achieved by staying close to the market and listening to broker feedback about what their clients are looking for.”