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Nottingham BS lowers foreign national and expat rates; Atom Bank cuts rates – round-up

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  • 20/06/2024
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Nottingham BS lowers foreign national and expat rates; Atom Bank cuts rates – round-up
Nottingham Building Society has reduced foreign national and expat rates and brought out a new 85% loan-to-value (LTV) tier for foreign nationals.

Nottingham Building Society’s five-year fixed foreign national and returning expat rates will be cut by up to 0.1% and it has added 85% LTV tier rates for foreign nationals.

The firm has also cut rates by up to 0.23% on residential acquisition products.

Earlier in May, the lender said it had made a change to allow no minimum residency for foreign nationals.

Alison Pallett (pictured), sales director at Nottingham Building Society, said: “The decision to reduce rates reflects our ongoing dedication to meet the evolving needs of brokers and borrowers alike. We understand the diverse challenges faced by our customers, whether they are returning expats looking to establish a home back in the UK, skilled workers from abroad seeking to build a career and invest in their future, or UK residents navigating the complex homeownership journey.

“We recognise this is a fast-moving market and these tweaks reflect our desire to ensure that brokers and borrowers continue to have a range of options to secure the mortgages they need. We remain committed to further developing our portfolio of products as the market continues to evolve.”

 

Atom cuts prime rates

Atom Bank has lowered rates across its suite of prime mortgage deals by up to 0.15% to make the products more competitive for borrowers with smaller deposits.

Its two-year fixed rate at 90% LTV with a £900 fee has fallen from 5.69% to 5.54%, while its no-fee three-year fixed rate at 95% LTV has decreased from 5.74% to 5.59%.

The lender’s five-year fixed rate at 90% LTV with a £900 fee has reduced from 5.19% to 5.04% and its 95% LTV no-fee version has decreased from 5.34% to 5.24%.

Richard Harrison, head of mortgages at Atom Bank, said: “Following recent swap rate movements, we are delighted to be able to further reduce our rates across our Prime and Retention products, delivering even greater value to brokers and their customers.

“This will be particularly welcome for those with smaller deposits, given the challenges such borrowers face in accessing the market. Atom Bank has established itself as a champion of this segment of the market, and we will continue to focus on supporting such customers on their mortgage journey.

“We were delighted to again be named Best Bank in the latest Smart Money People Broker Survey. We know brokers love our speedy service and easy criteria, so we hope news of further rate cuts will be welcome.”

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