Northern Rock launch new mortgage range

Northern Rock have today announced changes to their mortgage products, including a completely new range of remortgage products offering free basic valuations and free remortgage legal fees.

The new remortgage products are designed for those wishing to switch from their current lender to the Northern Rock. Rates start at 6.49%, and the range includes both a two year fixed rate and a five year fixed rate, both with flexible options. The schemes have a product fee of £995, or borrowers can choose to pay a higher rate of interest in exchange for having no arrangement fee. The changes also include new products for those who wish to buy a home, and those who wish to either buy or remortgage a buy to let property. Anth Mooney, commercial director, said,

The revised mortgage range, particularly the introduction of new products specifically for remortgage customers, reflects our ongoing determination to build a viable mortgage business in accordance with our published business plan and competitive framework. While we intend to reduce the size of our mortgage book by accelerating redemptions, we also aim to maintain a presence in the UK mortgage market and originate a modest level of new loans without distorting competition. We believe this new range, offering a specific remortgage product, will help us to do just that.

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