The lender has also reduced rates on its Everyday buy-to-let range by up to 0.60% whilst changing the fee structure. Everyday buy-to-let two-year fixed rates for customers with a 30% deposit (70% LTV), now start from 5.59% with a flat product fee of £1,995.
Everyday mortgages offer customers the ability to make overpayments of up to 10% each year and the option to apply for payment holidays.
Lloyd Cochrane, head of mortgage products at Northern Rock says: “Today’s improvements to our product range reduce the monthly mortgage cost for customers with smaller deposits, and make it more affordable for those looking to either buy a home, or remortgage from their existing deal.”
Northern Rock also offers a free basic valuation (excluding non-standard work) and free standard legal work on all residential remortgage cases.