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Northern Rock cuts two year fixed rate

Northern Rock cuts two year fixed rate
The Northern Rock has today announced a cut in interest rate for its two year fixed rate mortgage deal to 5.54%. The scheme, which is only available via intermediaries, is available to those who wish to borrow up to 65% of the value of the property to be mortgaged, and has a product fee of £1,195 which can be added to the mortgage.

For those with small mortgages, Northern Rock offers a version of the scheme with no product fee and an increased interest rate of 6.19%. This means that for borrowers borrowing less than £100,000, it is cheaper to opt for the increased interest rate and have no fee, making this a very competitive option.

The new product is available to both house buyers and those wishing to switch their mortgage from their current lender, with remortgage applications benefiting from a free valuation and free remortgage legal service. Northern Rock has indicated that the funds for this product are limited, and the product could therefore be withdrawn at very short notice.


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Latest News:

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