The Nottingham Building Society has launched six new branch/direct exclusive residential mortgage products.
Rates on existing four residential products at 90% and 95% loan to value have been reduced.
Two further new products have been launched at lower loan to values to support customers with a higher deposit.
First Time Buyer:
95% LTV – available only in the East Midlands, up to £150,000 per application
- 3 year, 5.49% (was 5.69%) fixed rate, no booking or arrangement fees
- 5 year, 5.69% (was 5.79%) fixed, £100 upfront booking fee and £199 arrangement fee
90% LTV
- 3 year, 4.29% (was 4.49%) fixed, no booking or arrangement fees
- 5 year, 4.39% (was 4.59%) fixed, £100 upfront booking fee and £199 arrangement fee
85% LTV
- 3 year, 3.59% fixed, £100 upfront booking fee and £199 arrangement fee
80% LTV
- 3 year, 2.99% fixed, £100 upfront booking fee, £199 arrangement fee
There are no booking or arrangement fees on the 3 year 95% and 90% LTV product. There is a booking fee of £100 and arrangement fee of £199 on all other products.
There is a free basic property valuation for both purchase and re-mortgage applications and free legals cost for re-mortgages.
Martyn Bell, mortgage product manager at The Nottingham, said: “Since 2008 we have lent over £350 million to first time buyers. The reductions we have made to our three and five year fixed rates, at 95% and 90% loan to value, will hopefully mean we can help even more people trying to take their first step on the housing ladder. All come with a free valuation for both purchase and re-mortgages, whilst free legals also apply to re-mortgages on the 90% LTV products to keep set-up costs down.
“The new products have been priced extremely competitively and some now offer no booking or arrangement fees to support a growing demand from both existing homeowners and first-time buyers. As a top 10 building society, and estate agency, The Nottingham lends up to 95% loan to value to first-time buyers in its East Midlands heartland through its branches as well as directly by phone. In addition The Nottingham lends up to 90% LTV nationally throughout England and Wales.”
