Northern Rock Reduces Mortgage Rates by Up to 0.90%
Released on: August 22, 2011, 3:14 am
Northern Rock has reduced rates across its mortgage range by
up to 0.90% and extended its £500 cash back incentive to include all
Buy to Let (BTL) products with percentage fees.
Northern Rock's 2-Year Everyday fixed rates with a £995 product fee now start from
2.67% for purchase and re-mortgage customers with a 30% deposit (70% LTV), a
reduction of 0.32%. For those who wish to keep their costs as low as possible
however, 2-year Everyday fixed rates with no product fees, start from 3.19% at 70%
Northern Rock remains committed to assisting those with smaller deposits, including
First Time Buyers. It has therefore reduced selected mortgage rates across its
products at 80% LTV (20% deposit required), 85% LTV (15% deposit required) and 90%
LTV (10% deposit required). A 2-Year Everyday fixed rate mortgage at 90% LTV
exclusively for purchase customers, is now available from just 5.25% with a £995
product fee. Customers will also qualify for £500 cash back. Or for those who choose
our Fee Saver Option, the same term is available at just 5.45%.
Following demand from BTL customers who welcomed Northern Rock's recent limited
period offer of £750 cash back across the BTL range, the lender has also extended
its £500 cash back incentive on selected residential products, to include all BTL
products with a percentage fee.
Selected fixed rates in the Intermediary Exclusive range of mortgage products have
also been reduced by up to 0.30%.
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 to customers in the UK and Ireland,
including fixed rate bonds and a cash isa. New
products are offered through both direct channels - including a national branch
network - and mortgage intermediaries.
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) will apply to the
outstanding secured loan balance at the time of redemption until the end of the
respective incentive period. Any overpayments in excess of the 10% annual allowance
will also be subject to the Early Repayment Charge.
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 Communities.
The BITC Awards identify and celebrate companies having a positive impact on the
community, environment, marketplace and workplace. The Big Tick winners demonstrate
significant impact and high quality management of their responsible business
practices and can show a positive impact both on society and on the business. Now in
their 14th year, they are the UK’s leading awards for responsible business practice.
Business in the Community stands for responsible business. More information can be
found at www.bitc.org.uk
Northern Rock House
Newcastle upon Tyne
0191 279 4676
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