These products are only available through the intermediary sales channel, with applications submitted via the Northern Rock online system.
Highlights include:
• Fixed and tracker rates from 5.35%
• Full range of status and self-cert products across five adverse credit categories.
• On-line decisions, KFI’s and case tracking.
• Dedicated specialist underwriting and processing teams.
• Largest business development manager network in UK mortgage market.
Anth Mooney, marketing director, said: “We see this move as a natural extension to our product portfolio - we are open for non-conforming business which is great news for intermediaries and great news for their clients. Our mortgage range is competitively priced, with attractive terms and will be supported by dedicated BDMs, strong underwriting and efficient processing.
“Our broker relationships will be further strengthened by this opportunity and it also opens doors to a new group of intermediaries with whom we currently do little business, but can now begin developing a relationship."
Northern Rock will bring their mortgage range to market in conjunction with Lehman Brothers. Applications will be sourced and processed by Northern Rock in return for origination fee income, before being passed to SPML, a subsidiary of Lehman Brothers, for completion, ongoing servicing and securitisation. These loans will not be written on Northern Rock’s balance sheet, which will remain exclusively for prime mortgage business.
