Nottingham BS lowers interest rates, launches new cashback options and improves LTI – Mortgage Strategy
Nottingham Building Society has launched a range of product enhancements within its residential mortgage scope, including lower interest rates and loan-to-income (LTI) changes.
Selected residential products have been reduced by 17 basis points, including their foreign country and retirement interest only (RIO) range.
It also launched a new £1,000 cashback option with 90% and 95% of LTV products.
The association expanded the LTI expansion to 5.5 times during the purchase period and cashed in applicants over £85,000 for applicants and reduced the pressure rate for all two years of fixed residential products.
These enhancements are designed to provide greater flexibility and practical support to a wider range of borrowers, including first-time home buyers, older borrowers, and those with complex financial situations.
Matt Kingston, director of sales at Nottingham Construction Association, said: “These latest changes are part of our continued efforts to support flexible products that reflect real-life LTIS for those who are mitigating expected cashbacks or reducing additional income.”
Earlier this week, the association announced its financial results for the year, showing a 1.8% increase in new loans of £535.1 million (2024: £527 million).
