Rates on the product start at 4.49 per cent and will offer Northern Rock’s standard flexible features.
Borrowers will be able to fix their payments until 1 February 2008 and choose between lower rates with a product fee or paying a slightly higher rate without a product fee through Northern Rock’s Fee Saver Option. This is available across Northern Rock’s entire range of mortgage products.
Northern Rock marketing director Allison Thompson said:“Our customers have a comprehensive and competitive choice when selecting the mortgage that best suits their pocket, in terms of interest rate, product fees and the overall deal. The new 1½ year flexible fixed rate product provides another option and could be ideal for customers looking for a low rate with the security of a fixed rate when there is uncertainty over the next movement in the Bank of England Base Rate.
“Our customers can also take advantage of all of our product benefits, including a Fee Saver Option, a Help With Costs option - currently £1,000 - no Higher Lending Charge on any Northern Rock mortgage product and full flexibility as standard. We believe that all these features are in keeping with our commitment to openness, transparency, and fair treatment of customers."
