Nottingham Building Society has made a series of reductions across its stress rates for residential and buy-to-let applications.

Stress rates for residential applications have been cut by 0.15%, with the lowest now at 6.20%, increasing the affordability of home loans for aspiring homeowners.

Meanwhile, buy-to-let stress rates have been reduced by 0.30%, with the lowest now at 5.70%, providing greater flexibility for landlords and property investors.

The changes come just weeks after Nottingham Building Society also launched two new residential cashback products to combat the impending stamp duty changes — allowing future homebuyers to claim up to £5,000 in cashback.

Nottingham Building Society sales director Matt Kingston commented: “These changes are our latest step in making sure as many people as possible have access to fairer and more flexible mortgage solutions. We know that homeownership remains a key ambition for millions of people, but affordability remains one of the biggest hurdles.

“By reducing our stress rates, we’re helping more borrowers — including those with complex income streams — access the homes they want, rather than being held back by restrictive affordability tests.”

He added: “These changes reflect both shifts in the interest rate environment and our own commitment to supporting a broader range of customers, including foreign nationals on a visa, self-employed workers, and those who may not fit the rigid, automated approach of some other lenders. means making sure as many people as possible have access to fair, flexible mortgage solutions.”