Northern Rock improves mortgage product range
• Residential short term Flexible Fixed rate mortgages available from 4.85% (up to 85% LTV)
• Together Flexible Fixed rate mortgages available from 5.65% (up to 90% secured LTV)
• Together Variable rate mortgages available from 5.89% (up to 90% secured LTV)
• Help With Costs option for Together mortgages increased by £300 to £1,000
• Buy To Let lending criteria improved
Northern Rock has improved its mortgage product range by introducing new products and reducing rates on several existing products as well as improving its Buy To Let lending criteria.
The mortgage lender has cut rates across its entire Flexible Fixed range and added a number of percentage fee products. In the Together range, it has also introduced two new short term Fixed rate products, cut rates on its existing Variable rate products and increased the Help With Costs option to £1,000. .
Among other changes, all applicable end dates have been extended by one month.
Other benefits:
• no Higher Lending Charge on any Northern Rock mortgage product
• a Fee Saver Option - available on all products - whereby customers can choose to pay a slightly higher rate of interest in exchange for not paying a Product Fee
• no extended Early Repayment Charges
• full flexibility as standard, with daily interest calculation, unlimited penalty free overpayments, underpayments, borrow back, overpayments at the product rate and the option to take a payment holiday, even without previous overpayments
• Help With Costs option available on most residential products
All Northern Rock mortgage products are available to both existing borrowers and new customers at the same rates and terms. Subject to any conditions attached to their current mortgage, existing customers can switch to any one of Northern Rock’s latest deals.
Northern Rock marketing director Anth Mooney said:
“These latest improvements to our product range should receive a warm welcome from borrowers, whether they are looking to step onto the housing ladder, move up a rung, or simply remortgage to a great new product. We believe that our competitive rates and supporting benefits continue to offer a very attractive overall product proposition in keeping with our commitment to openness, transparency, and fair treatment of customers.
“Increasing Help With Costs to £1,000 on our Together range means that customers can now use Help With Costs to cover their Product Fee thereby helping them to offset fee costs. Alternatively, Help With Costs could be used to help offset other costs associated with moving home such as stamp duty, legal fees or home improvements.
“The reduction of our Buy To Let rental calculation means that we continue to offer one of the lowest rental calculations in the market without compromising our desire to write low risk, high quality business.”
