Dear Intermediary

We have recently reviewed our residential Variable Mortgage Rate (VMR) and Buy to Let Variable Mortgage Rate (BTL VMR). As a result, we will be making the following reductions:

Rate code

Description

Current rate

VMR

Variable Mortgage Rate

5.74%

BTL VMR

Buy to Let Variable Mortgage Rate

6.54%

New rate

Effective date(new borrowers) 

Effective date(existing borrowers)

5.49%

Friday 14th October 2016

Tuesday 1st November 2016

6.29%

Friday 14th October 2016

Tuesday 1st November 2016

The change will become effective for new and pipeline applications from 14th October 2016, and for existing borrowers from 1st November 2016.

  • Applicants at pre-offer stage will be informed of their new rate(s) and payment(s) in their offer document.
  • Applicants who have received their offer but have not yet completed will receive a letter with their new rate(s) and monthly payments.

System downtime

Due to the planned changes to mortgage rates, our Online Trading service and Application Manager will not be available from 6pm on Thursday 13th October through to 8am on Friday 14th October.

We apologise for any inconvenience.

Existing discounted rate product code

The pay rates on the existing discounted product range will reduce by 0.25% from 8am Friday 14 October. There are no other changes to the current discounted rate product range.

The complete range is available at thenottingham.com/intermediaries from Friday 14 October.

Yours sincerely

Nikki Warren

Head of Intermediary Sales