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Nottingham Building Society |
Nottingham Building Society was established in 1849. It aims at putting its customers first. Today the Nottingham has grown to rank among the top 20 building societies, operating a network of branches throughout Nottinghamshire, Derbyshire, Lincolnshire and South Yorkshire. The society now manages over £1.5 billion worth of assets.
The Nottingham is a mutual organisation, and hence does not have to pay dividends to shareholders. Instead it provides more competitive rates by passing on profits directly to members. The Nottingham Building Society offers mortgages to people in England and Wales.
They have the following types of mortgages:
- Standard Variable Rate
- Discounted Variable Rate
- Fixed Rate
- Discounted Flexible Variable Rate
- Tracker Variable Rate
Standard Variable Rate: your interest rate is set at Nottingham's standard variable rate for the whole mortgage term.
Discounted Variable Rate: you have 3 options to choose from, set for 3 and 5 years. Your mortgage rate is set at a discount for an agreed interval depending upon which product you choose. After this period the rate goes back to the Society's standard variable rate.
- An arrangement fee may apply
- An early repayment charge applies if you repay the mortgage in the discount period
Fixed Rate: there are three fixed rate options, set for 3 and 5 years. Your mortgage rate is set at a fixed rate for an agreed interval depending upon which product you choose. With this type your rate will remain the same during the fixed rate period whether interest rates rise or fall. After this period the rate goes back to the Society's standard variable rate.
- An arrangement fee may apply
- An early repayment charge applies if you repay the mortgage in the fixed rate period
Discounted Flexible Variable Rate: your rate is set at a discount for the first 3 years period. It then converts to the Society's flexible variable rate for the remaining mortgage term.
- An arrangement fee is applicable
- An early repayment charge applies if you repay the mortgage in full during the discount rate period
Tracker Variable Rate: these mortgages are set for 3 and 5 years. Your rate is set according to the tracker variable rate and according to the amount you want to borrow. After the tracker variable rate period is over your rate will convert to the society's standard variable rate.
- An arrangement fee is applicable
- An early repayment charge applies if you repay the mortgage in the tracker variable rate period
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