New fixed mortgage rate from Northern Rock

Northern Rock has today announced a new three year flexible fixed mortgage rate available exclusively through intermediaries. The new rate is available from today, and is available to both those wishing to buy a house, and those who wish to remortgage away from another lender.

The interest rate for the new scheme is just 5.79%, and there is an arrangement fee of £1,195 which can be added to the loan. The scheme is available for loans up to 75% of the value of the property, and with free valuations and legal fees available to those who are remortgaging, the scheme is highly competitive.

The fixed rate expires on the 1st October 2011, and Early Repayment Penalties of 4% are payable if the mortgage is redeemed prior to this date. Northern Rock has warned that limited funds are available, and these are expected to be allocated very quickly. Unfortunately, the scheme is not available to existing Northern Rock customers.

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