Northern Rock is launching a two-year tracker at 2.93% and 70% LTV exclusively for brokers tomorrow.
The deal is the winner of the lender’s ‘Design Your Own Mortgage Product’ competition which asked brokers to create products and vote on others’ ideas.
The flexible tracker will operate at 2.43% above base rates with a product fee of £995, and was submitted by broker Mark Watson.
Watson says: “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.”
Anth Mooney, marketing director of Northern Rock, adds: “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.”