The rates come as The Nottingham has also revealed it has increased the loan-to-value (LTV) lending criteria for RIO products to 50% from 40% and removed fees (previously £995) from its 3-year fixed offering.

Reductions include the 50% LTV 2-year fix cut from 3% to 2.75%, the 50% LTV 3-year fix from 3.20% to 3% and the 50% LTV 5-year fix from 3.30% to 3%. The latter deal includes £995 fees, of which £195 are upfront.

Deborah Reeves, national sales manager at The Nottingham, said: “Later life lending plays an important part in ensuring our lending options provide choice for people whatever their situation.

“So, having reduced rates on many of our residential mortgages and buy-to-let products in recent times it felt like the natural next step to reduce rates across our RIO range too.”