The Nottingham has relaunched all acquisition and retention products with a discounted reversion rate or variable mortgage rate (VMR) to ensure they revert to the updated figure at the end of their fixed rate periods.
In a move that potentially improves affordability options for some applicants, the society’s discounted VMR will be 4.24 per cent – a 1.50 per cent discount on the VMR of 5.74 per cent.
Nikki Warren-Dean, head of intermediary sales, said: “A lot of people at The Nottingham have been working extremely hard for some time to get a discounted VMR in place, and the fact we are able to announce the new rate is testament to that effort.
“Most importantly of all this is a really positive step forward in our drive to continue to help brokers source the right, affordable, products for their clients. It’s also important that we remain not just competitive, but also innovative, in the mortgages that we have in our range.”
