The Nottingham announce rate cuts across retirement interest-only mortgages

The society has announced that it has reduced rates across its retirement interest-only mortgage range and launched a number of new products.

Related topics:  Finance
Warren Lewis
24th February 2020
The Nottinghham 320

A new three-year discount product at 3.25% in addition to its existing two-year discount rate of 2.99% is also to be made available as well as the return of its popular seven-year fixed product at 3.85% with a £995 fee.

Its existing two-year fixed-rate product has been reduced from 3.40% to 3.20% and a three-year fix has reduced from 3.42% to 3.30%, both fee-free. Its five-year fixed rate has dropped to 3.45% from 3.55% and comes with a £995 fee.

All of the RIO mortgages come with a free valuation and 40% LTV limit.

Jamie Hyland, product manager at The Nottingham, said: “As we are approaching the year anniversary of our RIO launch, we thought it was a good time to undertake a thorough product range review, which included close consideration to feedback from the broker network.

“We’re really pleased that the result is a refreshed RIO range that includes a new product, a returning seven-year fixed offering and reduced rates.

“We are confident this offers a further choice for people in or heading towards, retirement and reaffirms our commitment to our customer’s mortgage needs, whatever their age or life stage.”

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