Northern Rock reduces longer term fixed rates

Northern Rock has improved its range of Everyday residential mortgages, offering more attractive longer term and Buy-to-Let rates, as well as reducing Buy-to-let product fees by up to 0.50%.

Everyday mortgages offer customers simple, straightforward mortgage deals with competitive rates and limited flexibility, including the ability to make overpayments of up to 10% each year and the option to apply for payment holidays.

Everyday 5-year Fixed Rates for customers with a 30% deposit (70% LTV) start from just 4.39%, or 4.59% for customers with a 25% deposit (75% LTV). Both products have product fees of £995 and are available for purchase and remortgage customers.

Northern Rock has also made reductions to its 2 Year and 3 Year Fixed rate products. 2 Year Fixed rates start from 3.15% and 3 Year Fixed rates start from 4.10%. These examples are available to both purchase and remortgage borrowers with a 30% deposit and who pay a £995 product fee.

In addition, Northern Rock has reduced product fees on its Buy-to-Let range by up to 0.5% and reduced rates across the range. Everyday Buy-to-Let 2-Year Fixed Rates for customers with a 30% deposit, now start from 5.69% with a 2.0% product fee.

Northern Rock continues to offer competitive Fee Saver options across its Everyday Fixed and Tracker range for customers who are looking to keep their purchase costs as low as possible. The company also offers a Flexible range, which offers customers the chance to apply to use more of Northern Rock’s flexible features such as unlimited charge-free overpayments, underpayments or borrowing back overpayments.

Northern Rock offers a free basic valuation (excluding non-standard work) and free standard legal costs on residential remortgage cases.

Northern Rock continues to operate its mortgage product range within the constraints of the competitive measures agreed with the European Commission.