The Nottingham enhances retirement interest-only offering

The Society has introduced a three-year discount product at 3.25% in addition to its existing two-year discount rate of 2.99%.

The Nottingham has also brought back its seven-year fixed product at 3.85% with a £995 fee.

Its existing two-year fixed rate product has been reduced from 3.40% to 3.20% and a three-year fix has reduced from 3.42% to 3.30%, both fee-free. Its five-year fixed rate has dropped to 3.45% from 3.55% and comes with a £995 fee.

All of the RIO mortgages come with a free valuation and 40% LTV limit.

Jamie Hyland, product manager at The Nottingham, said: “As we are approaching the year anniversary of our RIO launch, we thought it was a good time to undertake a thorough product range review, which included close consideration to feedback from the broker network.

“We’re really pleased that the result is a refreshed RIO range that includes a new product, a returning seven-year fixed offering and reduced rates.

“We are confident this offers further choice for people in, or heading towards, retirement and reaffirms our commitment to our customer’s mortgage needs, whatever their age or life stage.”