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Northern Rock overhauls mortgage product offering

Northern Rock has refreshed its mortgage product offering, withdrawing and reducing rates on a select number of existing deals as well as launching new products.

The lender is withdrawing two of its intermediary exclusives, a two-year fix at 4.95% available up to 90% LTV with no product fee and a three-year fix at 3.29% available up to 75% LTV with a £995 fee, tonight.

It is also increasing the rate of its 90% LTV two-year fix with a £995 fee from 5.25% to 5.39%, but will continue to offer its core range of 90% LTV products via brokers.

Elsewhere, Northern Rock is launching new intermediary exclusive products, including two and five-year fixed rate fee saver options available up to 75% LTV,and a two-year buy-to-let fixed rate deal at 70% LTV.

The lender is also reducing rates on its three-year fixed rate products by up to 0.13%, cutting rates on its five-year fixed rate deals by up to 0.25% and cutting buy-to-let rates by up to 0.41%.

Lloyd Cochrane, head of lending products at Northern Rock, says: “We are continuing to support the mortgage market with a range of deals to suit all types of customer.

“We offer attractive deals for borrowers with deposits of whatever size, with a number of terms and rate options also available. We continue to offer a variety of products designed exclusively for the intermediary sector with competitive rates and features.”



FSA fines director £100,000 for mortgage fraud

The Financial Services Authority has today published a decision notice, indicating that it has decided to ban and impose a fine of £100,000 on Raymond Wagner, the director of Ambergate Business Services Limited, a mortgage broker based in London.


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