The updates have been made in response to broker feedback and include rate cuts of up to 0.54 per cent across the mutual’s two, three and five-year fixed rate residential mortgages.
It has also added 10 products across different loan to value (LTV) tiers with a range of fee options.
Nottingham Building Society has added discounted variable rate products for residential borrowers as well as introduced 75 per cent and 90 per cent LTV tiers. At 80 per cent LTV, discounted variable rates have been reduced by up to 0.15 per cent.
The lender has also cut retirement interest-only (RIO) product rates by up to 0.11 per cent.
Alison Pallett (pictured), sales director at Nottingham Building Society, said: “We’re proud to introduce a new range of products to assist individuals in realising their dream of homeownership, catering to both those looking to move and those seeking to remortgage.
“We have been working hard to deliver enhancements to our criteria alongside our incredibly strong stance on affordability.”
Bucks BS rebrands family assist deal
Buckinghamshire (Bucks) Building Society has renamed its family assist mortgage to deposit lite to reflect the purpose of the product.
The deal is open to first-time buyers with smaller deposits or no deposit and allows borrowers to borrow up to 100 per cent of the property purchase price by using up to 60 per cent of the equity in their parent’s or grandparent’s home.
Loan terms of up to 40 years are available.
Claire Askham, head of mortgage sales at Bucks Building Society, said: “Deposit lite is specifically designed to ease the journey onto the property ladder for first-time buyers who need a helping hand. By securing a collateral charge on a family member’s property, we’re opening doors to homeownership that might otherwise remain closed.
“Deposit lite stands as a testament to our commitment to innovation in response to the ever-evolving needs of the housing market. We recognise that the traditional routes to buying a home are not always viable for everyone. Therefore, we are continuously seeking to adapt and offer solutions that resonate with and support the aspirations of a diverse range of homebuyers.”
She added: “At the heart of deposit lite is our belief in the power of family support in achieving the dream of homeownership.
“This product reinforces our dedication to providing flexible and thoughtful mortgage solutions that keep pace with the changing dynamics of society and the economy.”
