Northern Rock introduces cashback and expands porting to all new customers
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Northern Rock has introduced a cashback option on selected residential deals and its buy-to-let range. It has also expanded its porting facility to all new customers from today.
Up to £500 cashback is available on selected residential Everyday fixed rates at 80% LTV, 85% LTV and 90% LTV.
For a limited time only it has also made a £750 cashback option available on its buy-to-let mortgage range. 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 beefed up its mortgage porting policy following feedback from customers and intermediaries.
All new customers completing a mortgage from today 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
Lloyd Cochrane, head of lending products at Northern Rock, says: “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.”
It has also reduced rates on its two-year tracker with a £995 product fee, now available at 2.38% up to 70% LTV, or at 2.48% up to 75% LTV.
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