The Nottingham has reduced rates on its two and five-year fixed residential products by up to 21bps and has also introduced a pair of two-year discount mortgages.
The discount products come with a 1% (of the outstanding balance) early repayment charge and no fees. The 75% LTV product is priced at 1.70% (Variable Mortgage Rate minus 4.04%) and the 80% LTV has a rate of 1.85% (3.89% off VMR).
The largest pricing adjustment is on the no-fee five-year fixed 95% LTV product, which could appeal to first-time buyers and those with smaller deposits.
Details are as follows:
- Two-year fixed 80% LTV with £199 upfront fees (£999 total), now 1.50% (was 1.65%)
- Two-year fixed 80% LTV with no fees, 1.90% (from 1.95%)
- New five-year fixed 80% LTV with £800 fees (£0 upfront) at 1.75%
- Five-year fixed 80% LTV with no fees, now 2.00% (was 2.20%)
- Five-year fixed 95% LTV with no fees, 3.49% (from 3.70%)
Nikki Warren-Dean, the Nottingham’s head of intermediary sales, said: “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.”