Northern Rock launches “Flexible” mortgage range

Northern Rock has introduced a new range of home loans with rates starting at 2.99%.

The state-owned lender’s “Flexible” offering includes a two-year tracker at 2.99% (Bank of England base rate + 2.49%) with a £995 fee, or at 3.79% with no fee.

Both options are offered at a maximum loan-to-value (LTV) ratio of 65% and are available to house purchasers and remortgagers.

For house purchase customers only, the bank is providing a two-year fix from 3.99% with a £995 fee or from 4.89% for those choosing the fee saver option. A maximum LTV of 65% applies.

A two-year fixed-rate loan is also available at 5.19% at 75% LTV with no fee, or the lower rate of 4.55% with a fee of £995.

Finally a “Flexible” five-year fix is on offer to residential purchase customers starting from 5.69% with a £995 fee, or from 6.19% with no fee, for loans up to 65% LTV.

Standard features of Northern Rock’s Flexible range include daily interest calculation, penalty-free overpayments / underpayments, borrow back at the product rate and payment holidays (subject to meeting qualifying criteria).

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