The Nottingham is cutting its Standard Variable Rate (SVR) and relaunching all acquisition and retention products to ensure they revert to the new rate at the end of their fixed rate periods.
The building society’s SVR will be 4.24% – a 1.50 percentage point reduction on the previous rate of 5.74%.
The Nottingham believes the move will also allow it to be more competitive and bespoke in the products it can offer brokers and their clients in future.
Nikki Warren-Dean (pictured), head of intermediary sales at the Nottingham, said: “A lot of people at the Nottingham have been working extremely hard for some time to get a new SVR in place, and the fact we are able to announce the new rate is testament to that effort.
“Most importantly of all this is a really positive step forward in our drive to continue to help brokers source the right, affordable, products for their clients. It’s also important that we remain not just competitive, but also innovative, in the mortgages that we have in our range.”