The Nottingham is launching a 10-year fixed rate residential mortgage, with an interest rate of 2.30% with no fee and maximum loan-to-value of 70%.
The mortgage is available on properties up to £750,000 when valued by The Nottingham’s automated valuation method (AVM), an interim process.
Nikki Warren-Dean, head of intermediary sales at The Nottingham, said: “Introducing a mortgage which gives customers mortgage payment peace of mind for 10 years is a really positive addition.
“We are determined to remain as agile and proactive as we can be during what is a challenging time for everyone and, aligned with bringing in a new AVM policy to keep the pipeline flowing, we are confident the new product adds choice to our range.
“It is also the first time we have brought in tiered ERCs, something that not just gives us new product range possibilities but also gives the customer another option when it comes to selecting the mortgage that suits them and their circumstances.”
The product is available for property purchase and remortgage and also includes a tiered Early Repayment Charge, beginning at 7% in year one and dropping to 1% in the final fixed rate year.
This post has originally been featured in Property Wire.