The Nottingham for Intermediaries has reduced its standard variable rate.

The previous rate of 5.74 per cent has been cut to 4.24 per cent.

The lender says that it is relaunching all acquisition and retention products to make sure they revert to their new rate at the end of their fixed rate periods.

Head of intermediary sales Nikki Warren-Dean says: “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.”