Northern Rock launches mortgage designed by intermediary partners

Northern Rock has launched a new mortgage product, designed and chosen by its intermediary partners.

Throughout June, Northern Rock was inundated with entries to its ‘Design Your Own Mortgage Product’ competition, open exclusively to intermediaries to design new mortgage products and vote on the concepts created by their peers. And the lender has now launched the winning mortgage, as voted for by intermediaries.

The new Flexible Tracker, offering a competitive interest rate of 2.93% (BoE + 2.43%) to customers with a 30% deposit (70% Loan to Value), has a product fee of £995, and was submitted by broker Mark Watson.

He said: “The Flexible draw down facility will help fulfil the client’s needs, with a low fee. It means that clients with equity in their property can make full use of the facility to overpay or apply to borrow back their funds with no extra fees or penalties.”

The new 2 Year Flexible Tracker has been added to Northern Rock’s range of Intermediary Exclusive mortgage products and is available for sale from today.

Northern Rock’s Marketing Director Anth Mooney added: “We were overwhelmed by the response we had to this competition and would like to thank all of our intermediary partners for taking part.

“Intermediaries are a core part of Northern Rock’s business, and this is one way for us to recognise that support. In designing and voting for this product, our partners have told us what their clients are looking for in a mortgage product and with their help, we have been able to bring it to market.

“We’re delighted to be able to offer this product as an intermediary only exclusive.”

Northern Rock’s range of Flexible products allows customers the chance to apply to use more of its flexible features, such as unlimited charge-free overpayments, underpayments or borrowing back overpayments. The lender also has a range of Everyday mortgage products, which 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.

Northern Rock also 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, as well as 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.