The lender said a combination of factors such as Covid-19 pandemic challenges, the looming stamp duty holiday deadline and uncertainty around the direction of travel for house prices was resulting in many people deciding to stay put and look for a more affordable deal.

And so it decided to respond with the introduction of an 80% LTV remortgage-only product, which is fixed at a rate of 2.25% for five years.

The mortgage, which has been rolled out to all brokers, has no booking or arrangement fees and  comes with a free valuation and standard remortgage legal fees paid.

The Nottingham said it was currently working to an SLA of looking at all new cases received from brokers within one working day.

Nikki Warren-Dean, The Nottingham’s head of intermediary sales said: “Brokers are receiving many enquiries about remortgages, especially with so much uncertainty around. That is leading to many people seeing remortgaging as a sensible and stable option for them in the current climate.

“We are following our recent return to 90% LTVs for those with smaller deposits with a mortgage that could be an option for those looking to stay where they are but on a more affordable deal for them over the next five years.

“Our ongoing aim is to have products to suit all circumstances, but with a high number of people looking to remortgage and wait and see what the housing market does over the coming years we have reacted by introducing this product.”