They feature reduced rates and fees compared with previous residential and BTL deals
Nottingham Building Society has launched new products designed to support both residential and buy-to-let mortgage applicants.
The mutual said the new products, which could benefit a wide range of borrowers against a volatile economic backdrop, included a first-time buyer product allowing a smaller deposit of 10% of the property price and featured a reduced rate that was 14 basis points lower than the Nottingham’s previous product.
The lender has also introduced new products to support the buy-to-let market, with fees dropped by up to £1,500, and a brand new five-year fixed BTL option launched at £999. Limited company buy-to-let product rates have also been reduced alongside a reduction in fees.
The Nottingham said that with the latest national statistics data showing a 5.3% increase in the average private rental price over the last year, its newest product update came at a welcome time for renters looking to buy.
“We are always looking to update our products to reflect the needs of today’s homebuyer,” stated Alison Pallett (pictured), sales director at Nottingham Building Society. “We’re confident that these new products will help a range of people across the spectrum of borrowers – from first-time buyers to landlords – as they navigate a complex housing and economic landscape.”
Last month, The Nottingham reiterated its commitment to making the mortgage process easier for both brokers and customers by making changes to its mortgage criteria, revising its maximum loan sizes, eliminating the need for bank statements in some cases, and easing the required submission of three years’ worth of accounts for self-employed mortgage applicants. The mutual is also one of the first lenders to sign up to the government’s Mortgage Charter, reaffirming its commitment to support borrowers.
Earlier this week, the building society made significant changes to its mortgage offerings, including the introduction of the sale of mortgage property as an approved method of repayment for interest-only mortgages.
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