One extends its product end dates, the other launches new fixed rate options
Nottingham Building Society and Hinckley & Rugby Building Society have both announced a series of mortgage rate reductions and product changes aimed at enhancing financial flexibility for various borrowers.
Nottingham Building Society revealed reductions and extended end dates on mortgage products for foreign nationals and returning expats. The changes include a reduction in the two-year fixed rate for foreign nationals by up to 0.16% and the five-year fixed rate by up to 0.10%.
In addition, the end dates for residential two-, three-, and five-year fixed rate products have been extended.
“These changes demonstrate our dedication to offering competitive rates and flexible options to all types of borrowers, be it skilled foreign nationals, returning expats, or UK residents,” said Alison Pallett (pictured left), sales director at Nottingham Building Society.
Meanwhile, Hinckley & Rugby for Intermediaries has enhanced its flexible mortgage range by cutting selected rates by up to 30 basis points (bps) and launching new fixed rate options.
Highlights include a new two-year fixed rate of 6.55% at 95% LTV for the Income Flex product, and reductions in five-year fixed rates at 80% and 90% LTV by 30bps each. The Flex Together product, designed for joint borrower sole proprietor arrangements, now offers a new five-year fixed rate of 5.29% at 80% LTV, while the Visa Mortgage for skilled workers introduces a new five-year fixed rate of 5.59% at 80% LTV.
“By lowering the initial pay rates on many of these products, we can support more borrowers in what is proving to be a very challenging market,” said Chris Holmes (pictured right), senior product and proposition manager at Hinckley & Rugby for Intermediaries. “Our range of Flex products are designed to be adaptable to meet clients’ needs, and we continue to respond to demand in the market with competitively priced products and a flexible approach to underwriting.”
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