The Nottingham has launched a 10-year fixed rate residential mortgage, with an interest rate of 2.30% and maximum 70% LTV.

It is the first time the building society has offered the fixed payment term.

The no-fee mortgage is available on properties up to £750,000 when valued by the Nottingham’s automated valuation method (AVM), an interim process and one that has been commonly adopted by the majority of lenders due to the coronavirus pandemic.

The product is available for property purchase and remortgage and also includes a tiered Early Repayment Charge, beginning at 7% in year one and dropping to 1% in the final fixed rate year.

Nikki Warren-Dean, head of intermediary sales at the Nottingham, said: “Introducing a mortgage which gives customers mortgage payment peace of mind for 10 years is a really positive addition.

“We are determined to remain as agile and proactive as we can be during what is a challenging time for everyone and, aligned with bringing in a new AVM policy to keep the pipeline flowing, we are confident the new product adds choice to our range.

“It is also the first time we have brought in tiered ERCs, something that not just gives us new product range possibilities but also gives the customer another option when it comes to selecting the mortgage that suits them and their circumstances.”