The Nottingham Building Society has cut rates on its retirement interest-only range and added a fixed product and a discount product to its armoury.

The new fixed offering is a 40 per cent LTV seven-year product set at 3.85 per cent and comes with a free valuation.

Likewise, the building society’s other addition is set at 40 per cent LTV and also comes with a free valuation and has a three-year discount of 2.49 per cent to give an initial rate of 3.25 per cent.

In terms of cuts, the lender’s two-year fixed RIO has been chopped from 3.40 per cent to 3.20 per cent, the three-year fix from 3.42 per cent to 3.30 per cent, and the five-year fix from 3.55 per cent to 3.45 per cent. The former two command no fees, but the latter, £995.

The Nottingham product manager Jamie Hyland says: “As we are approaching the year anniversary of our RIO launch, we thought it was a good time to undertake a thorough product range review, which included close consideration to feedback from the broker network.

“We’re really pleased that the result is a refreshed RIO range that includes a new product… we’re confident this offers further choice for people in, or heading towards, retirement and reaffirms our commitment to our customer’s mortgage needs, whatever their age or life stage.”