Mortgage rates change with Northern Rock

Northern Rock will be repricing their range of residential mortgages from 28 July 2008. The best rates will be available to customers who are able to provide a 25% deposit, which represents a small relaxation from a previous threshold of 70% loan to value.

New customers looking to purchase a residential property can expect to be offered a choice between two-year and five-year fixed rate products with either a £995 product fee or a Fee Saver Option, starting from 6.24%.

The new range will also include remortgage products that offer to cover a free basic valuation and free standard legal costs. Customers looking to remortgage to Northern Rock from their current provider will have the choice of two-year and five-year flexible fixed rates, with either a £995 Product Fee or Fee Saver Option. Remortgage fixed rates will be available from 6.34%.

Buy to let mortgages are unchanged for both remortgage and purchase customers, and continue to offer a choice between two-year Flexible Fixed rates and Tracker for Life products, with rates starting from 6.69%.

Lifetime mortgages remain available at a fixed rate of 6.99% with a £595 Product Fee, and provide three options of either lump sum, monthly cash release or a combination of the two. Northern Rock continues to be the only provider of a monthly cash release plan for the lifetime of the loan.

Northern Rock continue to restrict lending to new customers only, as none of the range of mortgages is available to existing customers.

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