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Nottingham BS increases rates and cuts SVR

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  • 02/09/2020
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Nottingham BS increases rates and cuts SVR
The Nottingham has reduced its standard variable rate to 4.24 per cent and increased residential rates.

 

The lender is updating all acquisition and retention products so that they revert to the new SVR at the end of their fixed periods.

It said the move will potentially improve affordability for some applicants, being a 1.5 per cent reduction on the previous SVR of 5.74 per cent.

The lender has also increased rates on some of its residential products.

The two-year fixes at up to 80 per cent loan to value with and without a fee have been increased by 26 basis points and 24 basis points to 1.8 per cent and 2.1 per cent respectively.

The mutual said its SVR move would also help to bring forward more competitive and bespoke products for brokers and their clients in the future, it adds.

“A lot of people at The Nottingham worked extremely hard, for some time, to get a new SVR in place,” says Nikki Warren-Dean, head of intermediary sales at The Nottingham (pictured).

“This is a really positive step in our drive to help brokers source affordable products for their clients,” she says.

 

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