Nottingham Building Society was founded in 1849, with the intention of helping local people save money and buy homes. The business retains this ethos today, employing over 700 staff and running more than 60 branches throughout Nottinghamshire, Lincolnshire, South Yorkshire and Derbyshire, which provide savings accounts, insurance, mortgages and other financial services.
Compare Nottingham Building Society’s mortgage rates
Overall representative example If you borrow £178,000 mortgage over 25 years initially at 4.49% fixed for 60 months reverting to 7.99% variable for term. 60 monthly payments of £988.37 and 240 monthly payments of £1306.89. Total amount payable £373,335.80 includes loan amount, interest of £194,956, valuation fees of £0 and product fees of £0. The overall cost for comparison is 6.7% APRC representative.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
What types of mortgage can I get with Nottingham Building Society?
Fixed rate. Offering a set rate of interest for the duration of the mortgage deal.
Remortgages. Allowing you to switch mortgage deals when your existing one ends.
Discounted rate. An interest rate that remains a certain percentage below the lender’s standard variable rate for a set time.
Tracker. A variable interest rate mortgage that typically goes up or down in line with the Bank of England base rate.
Buy to let. Allowing you to borrow money to buy an additional property and let it out.
Retirement interest-only. Enabling those over the age of 55 to borrow against their property and pay the interest back in monthly payments.
How to apply
To apply for a mortgage with Nottingham Building Society, you will either need to pop into your local branch or speak to its broker partner, Mortgage Advice Bureau. You can either call the mortgage broker directly or fill in a form via the Nottingham Building Society website to request a call back.
Advisers at Mortgage Advice Bureau will be able to talk you through your options, find you the right mortgage and help you with the application process.
Information required
When applying for a mortgage with Nottingham Building Society you will need to provide the following documents:
Proof of identity such as a passport or driving licence
Proof of address such as a bank or mortgage statement or utility bill
The last three months’ payslips and proof of any bonuses
The last three months’ bank statements.
Self-employed applicants should ideally have three years worth of trading figures. However, those with two full years of trading figures, plus a projection based on at least six months’ trading for the third year, may also be considered. Projections must be provided by an accountant.
Eligibility criteria
To be eligible for a mortgage with Nottingham Building Society you must:
Be at least 18 years old, or 55 for a retirement only mortgage. The maximum age is 75 at the end of the mortgage term
Have lived in the UK for the past two years
Have been in your current job for at least six months.
The building society may also consider:
Those who have been in their current job for three months providing it is the same occupation and there are no employment gaps or probationary periods
Bankrupts who have been discharged for at least three years
Those with a single satisfied county court judgement (CCJ) of up to £500
CCJs and defaults of above £500 that have been satisfied for at least three years
Those with two missed payments in the last two years for a secured mortgage/rent payments/secured loan that are now up to date.
Pros and cons
Pros
Range of mortgage products to choose from
Self-employed and contract workers are often eligible
Overpayments on your mortgage are usually permitted
Cons
The only way to browse mortgage deals is to speak to a mortgage broker
Early repayment charges apply to fixed rate mortgages if you leave your deal early
Self-employed workers need at least two years of accounts, usually three
Our verdict
Whether you’re looking to buy your first home, remortgage or apply for a buy-to-let mortgage, Nottingham Building Society offers a wide range of options for a wide range of customers. Speaking to a mortgage broker via its partner Mortgage Advice Bureau will be a requirement, but this can help ensure you get the best mortgage for you – even if it ends up being with a different lender.
Frequently asked questions
Yes you can, but you may have to pay an early repayment charge if you exceed your overpayment allowance.
If you're thinking about moving home and want to take your existing mortgage with you, it may be possible to transfer, or port, it across. It's best to give the building society a call or pop into your nearest branch to check.
Yes you can, but bear in mind you'll pay interest on it at the same rate as the rest of your borrowing.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife.
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