The Nottingham Building Society is launching a new residential product with effect from 9am today (20 May).

The new mortgage is a two-year 2.29% fixed rate product.

Is is available up to 65% LTV and comes with a £199 booking fee and £800 arrangement fee.

The deal comes with a free valuation for both purchase and re-mortgages, while free legals apply to re-mortgages only.

Rachel Kolebuk, senior mortgage product manager at The Nottingham, said: “We expect this new lower LTV product will be attractive to second time purchasers as well as those looking to re-mortgage and move to a lower rate.

“We continually look to refresh our mortgages right across our product spectrum and this new product will be available nationally across England and Wales through all sales channels, namely branch, direct and selected intermediaries.”