Nottingham Building Society launches 90% mortgages
The Nottingham has relaunched 90% mortgages for borrowers with a modest 10% deposit or equity stake.
The lender returned to 85% mortgage lending just two weeks ago and is already increasing its maximum loan-to-value (LTV) ratio to 90% of the property’s value.
Its 90% products include a five-year fixed rate at 3.70% with no fees and a lower rate at 3.45% that comes with an arrangement fee of £999.
The Nottingham also introduced new products for those with bigger deposits or more equity in
their existing property.
At 80% of the property’s value there are fee-free products at 2.30% and 2.60% for two and three years fixed respectively, and a 2.00% two-year fixed mortgage (£199 booking fee and £800 arrangement fee).
For those with a 15% deposit, there is a 2.90% no-fee three-year fixed product available.
Spokesperson for the building society, Nikki Warren-Dean said: “We’ve been working very hard behind
the scenes to be able to bring back 90% LTV mortgages.
“Buying property is never easy, and that has undoubtedly become more challenging due to
the Covid-19 pandemic. We were always looking to return to this space and to help people
with smaller deposits, however it was important to do so in a measured and responsible
“We are delighted to be able to unveil products that could help make house moves or
remortgages that in 2020 may have looked impossible, possible.”