The deal, which is available from tomorrow, comes with an interest rate of 2.94% and has a £199 upfront booking fee and arrangement fee of £800.

Nottingham’s product is offered with a free basic valuation and an assisted legal package for remortgage customers. Extra payments of up to 10% can be made each year at a minimum of £500 and the mortgage is also portable.

Jon Cartlidge, senior product manager at The Nottingham, said: “Our new seven-year fixed-rate mortgage is open to everyone, which makes it unique in the current market. Since the recession there has been a long period when wages have fallen as inflation has outpaced average earnings.

“Our new seven-year fixed-rate mortgage is designed to ease the burden on borrowers with a tight budget. It will allow them to plan their finances ahead of any future changes in the base rate.”