Nottingham Building Society introduces exciting new mortgage products

18 September 2023: Nottingham Building Society introduces exciting new mortgage products and enhancements with competitive rates and cashback options.

Nottingham Building Society is today announcing the launch of a range of new mortgage products and enhancements.

These include new three-year fixed residential products, and enhancements to rates and cashback incentives, introduced in response to broker feedback and designed to offer greater flexibility and affordability to borrowers amid ongoing market uncertainty.

Key points from announcement: 
    • New 3-year fixed residential products: In response to broker feedback, Nottingham Building Society is introducing 3-year fixed residential products at 75% LTV (with £300 cashback) and 90% LTV. These products aim to provide highly competitive pay rates for customers, whether they are looking to remortgage or are first-time buyers.
    • Reduced residential 5-year fixed rates: Nottingham Building Society is reducing 5-year fixed rates by up to 0.20%, making homeownership more accessible. The introduction of two new products at 75% and 85% Loan-to-Value (LTV) ratios, both without fees, opens doors for a wider range of buyers. Additionally, the 90% LTV product now includes £300 cashback. Notably, the 75%, 80%, and 85% LTV products are expected to rank among the top pay rates in the remortgage sector.
    • Reduced rates on buy-to-let (BTL) 5-year fixed products: Nottingham Building Society is lowering rates on BTL 5-year fixed products by 0.10%, supporting landlords and investors.
    • Low fee limited company product: A new low fee (£999) product is now available in the Limited Company range. This addition offers affordability without changing the pricing structure of the existing product range.
    • Extended product end dates: All 5-year fixed products have had their end dates refreshed to December 31st, providing customers with an extended timeframe to secure rates.
    • Cashback on selected residential products: Nottingham Building Society is now offering cashback on selected residential products. Additionally, customers opting for remortgages can also benefit from optional free legal services.
Commenting of the launch of the new products, Alison Pallett, Sales Director at Nottingham Building Society, comments:

“We are excited to introduce these new mortgage products and enhancements, which have been carefully crafted to address the evolving needs of our customers and the ongoing uncertainties in the mortgage market.

“These innovations have been developed based on ongoing feedback and conversations with brokers, as we highly value brokers’ insights and expertise.

“With competitive rates, cashback options, and a commitment to flexibility, we are dedicated to helping individuals and families achieve their homeownership goals.”

 

The residential mortgage product updates went live from Friday 15 September, with BTL updates live from Wednesday 20 September.

 

Kindly shared by Nottingham Building Society