Nottingham Building Society has launched two residential cashback products to help homebuyers to get up to £5,000 cashback.
The new products are available for home purchases valued at £250,000 or more. The products include a 75% loan-to-value (LTV) with an initial interest rate of 5.28% with £2,500 cashback and a 90% LTV with an initial interest rate of 6.15% with £5,000 cashback.
The five-year fixed rate products have launched as a result of the upcoming stamp duty changes.
On 1 April, stamp duty thresholds will revert to pre-September 2022 levels for homebuyers in England and Northern Ireland, particularly for first-time buyers and second home purchasers.
Nottingham Building Society sales director Matt Kingston says: “We believe these changes should not deter people from achieving their homeownership ambitions. Our new cashback mortgage products are designed to provide practical financial support at a time when it’s needed most.
“By offering up to £5,000 in cashback, we aim to help ease the immediate financial impact of these changes and support buyers in securing a home in an increasingly expensive market.”
Meanwhile, Keystone Property Finance has cut selected rates by 10 basis points.
The repricing applies to the specialist lender’s five-year standard and standard cashback products at 65% and 75% LTV.
The standard and standard cashback at 65% LTV now has a rate of 4.74% while the standard and standard cashback at 75% LTV has a rate of 4.84%.
Keystone Property Finance managing director Elise Coole comments: “We’re delighted to cut rates again for the third time this year, and especially on two popular and core parts of our range.”
“Wherever possible, we’re always quick to pass on savings to our clients, meaning brokers and borrowers can rely on us to consistently provide the most competitive rates we can.”
