The Nottingham has cut rates on a trio of retirement interest-only (RIO) deals and increased its loan to value (LTV) from 40 per cent to 50 per cent.
The mutual has also removed the £995 fee from the three-year fixed option.
The rate on the fee-free two-year fixed RIO at 50 per cent LTV has been reduced from three per cent to 2.75 per cent. The three-year fix at 50 per cent LTV has gone down to three per cent from 3.20 per cent.
For the five-year fixed deal with a £995 fee, the rate has been reduced from 3.3 per cent to three per cent.
These changes follow cuts made to its buy-to-let range earlier this week.
The Nottingham’s national sales manager, Deborah Reeves, said: “Later life lending plays an important part in ensuring our lending options provide choice for people whatever their situation.
“So, having reduced rates on many of our residential mortgages and buy-to-let products in recent times it felt like the natural next step to reduce rates across our RIO range too.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
