The Nottingham has announced that it is reducing its standard variable rate (SVR) and relaunching all acquisition and retention products to ensure they revert to the new rate at the end of their fixed-rate periods.
The move – which can potentially improve affordability options for some applicants – means the building society’s SVR will be 4.24% – a 1.50% reduction on the previous rate of 5.74%.
It will now also allow The Nottingham to be even more competitive and bespoke in the products it can offer brokers and their clients moving forward.
Nikki Warren-Dean, head of intermediary sales, comments: “A lot of people at The Nottingham have been working extremely hard for some time to get a new SVR in place, and the fact we are able to announce the new rate is testament to that effort.”
“Most importantly, of all this is a really positive step forward in our drive to continue to help brokers source the right, affordable, products for their clients. It’s also important that we remain not just competitive, but also innovative, in the mortgages that we have in our range.”