Northern Rock Cuts Mortgage Rates
Released on: June 16, 2011, 2:28 am
Northern Rock has reduced mortgage rates, making its range
even more competitive. As well as reducing selected rates across its
core mortgage range by up to 0.50%, it has improved its 2-Year Fixed
rate deal available exclusively through Northern Rock's intermediary
partners. The product is now available at 2.99% for those with a 30%
deposit (70% LTV).
All of the remaining reduced deals are available to both purchase and remortgage
customers, the latter benefiting from Northern Rock's usual incentive of a free
basic valuation and free standard legal costs.
Northern Rock has reduced rates for customers with a 25% deposit. A 2-Year Everyday
Fixed rate deal with a £995 product fee is available at 3.19% for those with a 25%
deposit (75% LTV). The same deal is available without a product fee, priced at
Alternatively, those with a 25% deposit (75% LTV) can choose a 3-Year Fixed rate
mortgage with a £995 product fee at 3.93%, and a 5-Year deal with a £995 product fee
is 4.59% up to 75% LTV. Those who choose not to pay a product fee, can secure the
same product at 4.79%.
Competitive Buy to Let rates start from 3.39% for a 2-Year Everyday Fixed rate
mortgage with a 3.5% product fee, up to 60% LTV. Those preferring a flat fee of £1,995 can choose a 2-Year Fixed rate up to 60% LTV, priced at 4.79%.
Everyday mortgages offer customers simple, straightforward mortgage deals with
competitive rates and the ability to make overpayments of up to 10% each year, as
well as the option to apply for payment holidays. Northern Rock continues to operate
its mortgage product range within the constraints of the competitive measures agreed
with the European Commission.
About Northern Rock:
Northern Rock plc is a new bank, authorised by the FSA as a deposit taker and
mortgage lender from 1 January 2010. It offers savings accounts and ISA to customers in the UK and Ireland and mortgages to UK borrowers. New products
are offered through both direct channels - including a national branch network - and
mortgage intermediaries. The Northern Rock website also offers customers a mortgage
Northern Rock continues to operate within the compensatory measures agreed with the
EC as part of the State Aid approval announced in October 2009.
On Everyday mortgage products, the Early Repayment Charge (ERC), currently 4% of the
outstanding secured loan balance; will apply to the outstanding secured loan balance
at the time of redemption until the end of the respective fixed rate period. Any
overpayments in excess of the 10% annual allowance will also be subject to the Early
In June 2011, Northern Rock was awarded a national Big Tick Award in Business in the
Community's Awards for Excellence, in the category of Building Stronger
Northern Rock House
Newcastle upon Tyne
0191 279 4676
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