The Nottingham is set to reduce its Standard Variable Rate (SVR) and relaunch all its acquisition and retention products to ensure they revert to the new rate at the end of their fixed rate periods.

As of tomorrow the building society’s SVR will be 4.24% – a 1.50% reduction on the previous rate of 5.74%.

Nikki Warren-Dean, head of intermediary sales, said: “A lot of people at The Nottingham have been working extremely hard for some time to get a new SVR in place, and the fact we are able to announce the new rate is testament to that effort.

“Most importantly of all this is a really positive step forward in our drive to continue to help brokers source the right, affordable, products for their clients.

“It’s also important that we remain not just competitive, but also innovative, in the mortgages that we have in our range.”