The move follows the success of a £750 cashback promotion, which ran for a limited period into the beginning of August. Northern Rock has seen. a marked increase in the volume of new buy-to-let business it has attracted following the pomotion.
Lloyd Cochrane, head of lending products at Northern Rock, believes the increase in new BTL business clearly indicates that the provision of additional features to help intermediary clients cover costs, as well as consistently competitive rates, is important to intermediaries.
He said: “We were delighted with the take up of this exciting cashback offer, particularly given the number of alternatives available to the broking community. While price is an important motivator, valuable feedback from our intermediary partners tells us that additional features which help landlord clients meet some of the costs of the mortgage are also very welcome.
“So, following the success of this limited offer, we have just introduced a new £500 cashback feature on all of our new BTL products with a percentage fee, as we continue working hard to provide value and choice to this important market for Northern Rock.”
