The Nottingham launches 10-year fix RIO mortgage

Michael Lloyd

November 26, 2019

The Nottingham has launched a Retirement Interest-Only mortgage fixed at 3.95% for 10 years.

This replaces the previous 7-year fixed product and comes with a free valuation and £995 fee.

The 10-year product has been added to a RIO range that includes shorter fixed term products with no fees.

Nikki Warren-Dean, head of intermediary sales for The Nottingham for Intermediaries, said: “We added Retirement Interest-Only mortgages to our offering just six months ago and have already twice refreshed the range to ensure we are giving as much choice as possible for people in, or heading towards, retirement.

“The Nottingham is dedicated to helping people achieve their first property or move up the ladder, but also to supporting those who may be living in their last home too.

“Taking that into account, and broker feedback, is why we decided to introduce a 10-year fixed rate RIO product to our mortgage range – to ensure we are well positioned to help people make the right decisions to suit their circumstances.

“Professional and portfolio landlords are much more likely to be active in the HMO space, plus the changes to the rules last year mean there are now a much larger number of properties classified as such. It’s therefore important that we continue to offer access to quality HMO products and ensure that our specialist knowledge and understanding can help advisers with clients active here.

“These rate cuts, coupled with our raft of criteria changes, ensure that Fleet remains at the cutting edge of this specialist market and that we are able to help even more landlords get the finance they need.”

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