Northern Rock introduces product range

Northern Rock has introduced some products and reduced rates on much of its existing range.

Borrowers can now choose a flexible fixed rate, without an extended early repayment charge, of 4.99% up to 85% LTV and 5.29% up to 95%.

Two, three, five, seven, 10 and 15-year fixes are available at the same rate.

The Together range, which allows borrowing of up to 125% LTV – max 95% secured – now has variable and fixed rates starting at 5.99%.

Flexible base rate trackers have also been reduced and now offer a rate of 4.99% – Bank base rate + 0.24% – for loans up to 85% LTV or 5.29% – BBR + 0.54%.

Two, three and five-year products are available with no early repayment charge.

A new buy-to-let range sees an increase in the maximum number of properties to 10, maximum total exposure of 3m and an increase in the highest LTV to 87%.

For up to four properties the borrower must expect to receive 100% of the monthly mortgage payment in rent, calculated on an interest only basis, at a notional rate of 6%. This rises to 7% for five 10 properties.

Buy-to-let products have been enhanced with a two- year flexible base rate tracker with rates starting at 5.99% and reductions in the flexible fixed and five-year tracker products.

All of the above products are available with a Help with Costs benefit of 750 and, for a slightly higher rate, the option of paying no arrangement fee.