Nottingham Building Society
Nottingham Building Society was founded in 1849 by a group led by Samuel Fox, a Quaker prominent local grocer.
The purpose of the society was to promote the construction of a better class of dwellings, suitable for the working and middle classes, as well as provide a safe and profitable place for small savings.
Over the years the Society has stayed true to their principles of providing their customers with value, advice and choice backed by first-class service.
The Nottingham offers a range of RIO mortgages with fixed rates between 2-7 years and a 2-year discounted rate mortgage. All the fixed rate deals have booking and arrangement fees, but the discounted rate mortgage is fee-free. All Nottingham Building Society RIO mortgages come with a free, basic valuation.
The range allows lending up to 40% of the value of the property (LTV) and is available to homeowners over the age of 55.
The Nottingham’s RIO mortgage range can be used for remortgaging, house purchase and to raise additional capital (in keeping with the Society’s lending criteria).
When assessing affordability, the Society will use current income or projected income if you are not yet retired. For joint applicants, each income will be assessed individually.
Do the high street banks offer lifetime mortgages?
The ‘big 6’ high street banks - that is Halifax, Barclays, Lloyds, HSBC, Santander and Royal Bank of Scotland (RBS) don’t currently offer lifetime mortgages or other equity release plans themselves.
Recently, Nationwide entered the lifetime mortgage market but instead of offering its own range of plans, it refers its members to Pure Retirement
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reversion plan provider for you. That’s why our team of expert and impartial advisers are on hand to answer
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