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The Nottingham reduces RIO rates

  • 07/10/2021
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The Nottingham reduces RIO rates
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.”

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