The products are available up to 90% loan-to-value (LTV) and come with a £199 non-refundable fee.
These are a 2.50% rate at 90% LTV, a 2.24% rate at 80% LTV and a 1.85% rate at 75% LTV.
Nottingham Building Society’s Standard Variable Rate is currently 5.99%.
The offers have limited availability and are flexible so that customers can make unlimited over-payments.
Chris Parker, head of intermediary sales at The Nottingham, said: “There is a perception that the best value mortgages are always fixed rate products, but that’s sometimes not the case.”
The Nottingham is the latest lender to offer cut-price rates in the last few weeks. A number of other banks and socities have reduced the rates on their fixed rate and variable products as competition in the residential market heats up in the run up to Christmas.
Last week it was reported that the Metro bank had reduced its rates on two-year fixed rate and tracker mortgages.
