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Nottingham BS launches cashback mortgages

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  • 07/05/2019
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Nottingham BS launches cashback mortgages
The Nottingham for Intermediaries has introduced cashback mortgages to support home buyers.

 

The new products include a 2.66 per cent rate at 90 per cent loan to value (LTV) with £1,000 cashback, as well as a 3.18 per cent and 2.25 per cent deals at 95 per cent and 85 per cent LTV respectively, both with £500 cashback.

Cashback mortgages offer a potential solution to people needing money in the early days after buying a new property, the lender said.

This may be used for legal fees, renovations, furniture or other expenses.

Nikki Warren-Dean, head of intermediary sales at The Nottingham for Intermediaries, said the launch followed the feedback from its network of brokers.

She said: “Buying a property can be an expensive exercise, so for some people these products are a big help. Cashback mortgages aren’t just suitable for first-time buyers, however they are popular with many of them due to the associated costs of purchasing a home.

She added the lender was “delighted this offering will provide another leg-up onto, or along, the property ladder for many.”

 

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