A trio of retirement interest-only products have had rates reduced at The Nottingham following rate reductions earlier in the week on five-year fixed Limited Company buy-to-lets.
According to the lender, the new rates come as The Nottingham also reveals it has increased the loan-to-value lending criteria for RIO products to 50% from 40% and removed fees (previously £995) from its three-year fixed offering.
The revised products now include a two-year fixed 50% LTV with no fees, 2.75% (was 3.00%), a three-year fixed 50% LTV with no fees, 3.00% (from 3.20%), and a five-year fixed 50% LTV with £995 fees (£195 upfront), 3.00% (was 3.30%).
Deborah Reeves, The Nottingham’s National Sales Manager, says: “Later life lending plays an important part in ensuring our lending options provide choice for people whatever their situation.
“So, having reduced rates on many of our residential mortgages and buy-to-let products in recent times, it felt like the natural next step to reduce rates across our RIO range too.”