The range has been designed to appeal to a wide variety of customers and whether they are setting up home for the first time, moving up the property ladder or even becoming a landlord, a cash incentive is likely to be appreciated. With up to £750 Cashback on completion, the new incentive is available on selected residential and buy-to-let mortgages.
NR is offering £500 cashback on selected residential Everyday fixed rates at 80% LTV, 85% LTV and 90% LTV. The lender has also reduced interest rates on some of these deals by up to 0.30%.
£750 Cashback is also available on all Northern Rock buy-to-let mortgages for a limited time. The range includes two, three and five year products up to 70% LTV with flat fees, percentage fees and fee free options available.
Porting Policy
Northern Rock has also made improvements to its mortgage porting policy following feedback from customers and intermediaries. All new customers completing a mortgage from today (25 July 2011) will be able to port their existing mortgage balance or a reduced balance (subject to any applicable ERC if a customer chooses to reduce their balance), and if they need additional borrowing to purchase their next property they will be able to apply for a new product for the additional amount on the terms of the purchase product range available at that time.
Rate Reductions
Northern Rock has also reduced rates on its 2-year Everyday tracker with a £995 product fee, now available at 2.38% up to 70% LTV, or at 2.48% up to 75% LTV. Both of these deals are available to purchase and remortgage customers.
Today’s changes are part of a raft of improvements Northern Rock has made to its mortgage proposition over the course of 2011 to simplify its processes and increase consumer choice.
Lloyd Cochrane, Northern Rock’s Head of Lending Products, said: “We are delighted to add our new Cashback incentive to Northern Rock’s mortgage proposition, increasing choice and flexibility within the mortgage market, and providing a further helping hand to customers looking to buy their first or next home.
"We continue to listen to what our customers and our intermediary partners tell us. The addition of Cashback products to our range and the changes we are making to our porting policy are more evidence of us delivering what our customers and partners want. You can expect to see further improvements from Northern Rock as we continue to build our business and respond to customers and brokers."
