Northern Rock Launches New Cashback Incentives And Cuts Selected Rates
Released on: July 29, 2011, 12:42 pm
Northern Rock has launched a new range of mortgages which
offer cashback on completion in order to help customers cover the costs
associated with moving home or taking a new mortgage.
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.
Northern Rock is committed to helping people buy their first or next home. The
Company understands that it is an expensive time and wants to help as much as
possible. That is why it 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%.
For a limited time only, £750 Cashback is available on all Northern Rock Buy to Let
mortgages. The range includes two, three and five year products up to 70% LTV with
flat fees, percentage fees and fee free options available.
Northern Rock has also made improvements to its mortgage porting policy following
feedback from customers and intermediaries. All new customers completing a mortgage
from 25th 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.
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.
The recent 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
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."
Notes to Editors:
*£750 Cashback is a limited period offer available only on the Buy to Let Cashback
range until 8th August 2011.
About Northern Rock:
Northern Rock plc is a bank, authorised by the FSA as a deposit taker and mortgage
lender. It offers savings accounts,
including a cash isa and fixed rate
bonds, to customers in
the UK and Ireland and mortgage products to UK borrowers. New products are
offered through both direct channels - including a national branch network - and
Northern Rock continues to operate within the compensatory measures agreed with the
EC as part of the State Aid approval announced in October 2009.
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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