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Nottingham Building Society launches 90% mortgages

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19/01/2021
Recent weeks have seen more lenders offering mortgages to those with smaller deposits
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.

New deals

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
way.”

“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.”

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