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back to newsroom08/07/2010 Northern Rock improves Everyday mortgage range
- Selected Everyday Fixed Rates reduced by up to 0.60%
- Everyday residential 2 Year Fixed Rates start from 4.35% at 80% LTV (previously 4.59%)
- Everyday residential 2 Year Fixed Rates start from 4.89% up to 85% LTV (previously 5.29%)
Northern Rock has improved its range of Everyday residential mortgages today (8 July) offering attractive rates to customers with lower deposits.
Everyday mortgages offer customers simple, straightforward mortgage deals with competitive rates and limited flexibility, including the ability to make
overpayments of up to 10% each year and the option to apply for payment holidays.
Everyday two-year fixed rates for customers with a 20% deposit (80% LTV) start from just 4.35%, or 4.89% for customers with a 15% deposit (85% LTV). Both
products have product fees of £995 and are available for purchase and remortgage customers.
Northern Rock continues to offer competitive Fee Saver options across its Everyday fixed and Tracker range for customers who are looking to keep their
purchase costs as low as possible. The company also offers a Flexible range, which offers customers the chance to apply to use more of Northern Rock’s
flexible features such as unlimited charge-free overpayments, underpayments or borrowing back overpayments.
Northern Rock offers a free basic valuation (excluding non-standard work) and free standard legal costs on residential remortgage cases.
Northern Rock continues to operate its mortgage product range within the constraints of the competitive measures agreed with the European Commission. Full
details of the product range are included for information.
Media Contacts
Jule Wilson
Nigel Charlesworth
Tel: 0191 279 4676
E-mail: press.office@northernrock.co.uk
Residential Everyday Fixed rate mortgages for purchase customers
| LTV (%) | £995 Product Fee (%) | Overall cost for comparison (% APR) | Fee Saver Option (%) | Overall cost for comparison (% APR) | Early Repayment Charge | |
|---|---|---|---|---|---|---|
|
2 Year |
70 | 3.29 | 4.6 | 3.99 | 4.6 | 4% of the outstanding loan balance until 01 October 2012 |
| 75 | 3.64 | 4.7 | 4.59 | 4.7 | ||
| 80 | 4.35 | 4.8 | 4.99 | 4.8 | ||
| 85 | 4.89 | 4.8 | 5.39 | 4.9 | ||
| 3 Year | 70 | 4.29 | 4.7 | 4.69 | 4.8 | 4% of the outstanding loan balance until 01 October 2013 |
| 75 | 4.38 | 4.7 | 4.99 | 4.8 | ||
| 80 | 4.89 | 4.7 | 4.99 | 4.8 | ||
| 85 | 5.29 | 4.9 | 5.69 | 5.0 | ||
| 5 Year | 70 | 4.99 | 4.9 | 5.59 | 5.0 | 4% of the outstanding loan balance until 01 October 2015 |
| 75 | 5.19 | 4.9 | 5.59 | 5.0 | ||
| 80 | 5.39 | 5.0 | 5.99 | 5.2 | ||
| 85 | 5.59 | 5.1 | 6.39 | 5.3 |
Following the fixed rate period, the loan will revert to Northern Rock’s Standard Variable Rate (SVR), (currently 4.79%) for the life of the loan.
Residential Everyday Tracker mortgages for purchase customers
| LTV (%) | £995 Product Fee (%) | Overall cost for comparison (% APR) | Fee Saver Option (%) | Overall cost for comparison (% APR) | Early Repayment Charge | |
|---|---|---|---|---|---|---|
| 2 Year | 70 | 2.59 (BoE + 2.09) | 4.5 | 3.19 (BoE + 2.69) | 4.5 | 4% of the outstanding loan balance until 01 October 2012 |
| 75 | 2.84 (BoE + 2.34) | 4.6 | 3.49 (BoE + 2.99) | 4.6 | ||
| 80 | 3.79 (BoE + 3.29) | 4.7 | 4.99 (BoE + 4.49) | 4.8 | ||
| 3 Year | 70 | 2.79 (BoE + 2.29) | 4.4 | 3.19 (BoE + 2.69) | 4.5 | 4% of the outstanding loan balance until 01 October 2013 |
| 75 | 2.89 (BoE + 2.39) | 4.4 | 3.49 (BoE + 2.99) | 4.5 | ||
| 80 | 3.79 (BoE + 3.29) | 4.6 | 4.99 (BoE + 4.49) | 4.8 |
Following the Tracker rate period, the loan will revert to Northern Rock’s Standard Variable Rate (SVR), (currently 4.79%) for the life of the loan.
Residential Flexible Tracker mortgages for purchase customers
| LTV (%) | £995 Product Fee (%) | Overall cost for comparison (% APR) |
Fee Saver Option (%) |
Overall cost for comparison (% APR) |
Early Repayment Charge |
|
|---|---|---|---|---|---|---|
|
2 Year |
70 | 2.99 (BoE + 2.49) | 4.6 | 3.55 (BoE + 3.05) | 4.6 | 4% of the original advance until 01 October 2012 |
| 75 | 3.29 (BoE + 2.79) | 4.6 | 3.79 (BoE + 3.29) | 4.6 | ||
| 80 | 5.09 (BoE + 4.59) | 4.8 | 5.29 (BoE + 4.79) | 4.8 |
Following the Tracker rate period, the loan will revert to Northern Rock’s Standard Variable Rate (SVR), (currently 4.79%) for the life of the loan.
On Flexible products, the Early Repayment charge will apply to the original secured loan balance, payable on full redemption only.
Residential Everyday Fixed rate mortgages for remortgage customers
| LTV (%) | £995 Product Fee (%) | Overall cost for comparison (% APR) | Fee Saver Option (%) | Overall cost for comparison (% APR) |
Early Repayment Charge |
|
|---|---|---|---|---|---|---|
| 2 Year | 70 | 3.29 | 4.6 | 3.99 | 4.6 | 4% of the outstanding loan balance until 01 October 2012 |
| 75 | 3.64 | 4.6 | 4.59 | 4.7 | ||
| 80 | 4.35 | 4.7 | 4.99 | 4.8 | ||
| 85 | 4.89 | 4.8 | 5.39 | 4.8 | ||
| 3 Year | 70 | 4.29 | 4.7 | 4.69 | 4.7 | 4% of the outstanding loan balance until 01 October 2013 |
| 75 | 4.38 | 4.7 | 4.99 | 4.8 | ||
| 80 | 4.89 | 4.8 | 5.29 | 4.8 | ||
| 85 | 5.59 | 4.9 | 5.69 | 4.9/td> | ||
| 5 Year | 70 | 4.99 | 4.9 | 5.59 | 5.0 | 4% of the outstanding loan balance until 01 October 2015 |
| 75 | 5.19 | 4.9 | 5.79 | 5.1 | ||
| 80 | 5.39 | 5.0 | 5.99 | 5.1 | ||
| 85 | 5.59 | 5.0 | 6.39 | 5.3 |
Following the fixed rate period, the loan will revert to Northern Rock’s Standard Variable Rate (SVR), (currently 4.79%) for the life of the loan.
Northern Rock offers a free basic valuation and free standard legal costs on residential remortgage cases.
Residential Everyday Tracker mortgages for remortgage customers
| LTV (%) | £995 Product Fee (%) | Overall cost for comparison (% APR) | Fee Saver Option (%) | Overall cost for comparison (% APR) |
Early Repayment Charge |
|
|---|---|---|---|---|---|---|
| 2 Year | 70 | 2.75 (BoE + 2.25) | 4.5 | 3.19 (BoE + 2.69) | 4.5 | 4% of the outstanding loan balance until 01 October 2012 |
| 75 | 2.84 (BoE + 2.34) | 4.5 | 3.49 (BoE + 2.99) | 4.6 | ||
| 80 | 4.49 (BoE + 3.99) | 4.7 | 4.99 (BoE + 4.49) | 4.8 | ||
| 3 Year | 70 | 2.79 (BoE + 2.29) | 4.4 | 3.19 (BoE + 2.69) | 4.4 | 4% of the outstanding loan balance until 01 October 2013 |
| 75 | 2.89 (BoE + 2.39) | 4.4 | 3.49 (BoE + 2.99) | 4.5 | ||
| 80 | 4.49 (BoE + 3.99) | 4.7 | 4.99 (BoE + 4.49) | 4.8 |
Following the Tracker rate period, the loan will revert to Northern Rock’s Standard Variable Rate (SVR), (currently 4.79%) for the life of the loan.
Northern Rock offers a free basic valuation and free standard legal costs on residential remortgage cases.
Residential Flexible Tracker mortgages for remortgage customers
| LTV (%) | £995 Product Fee (%) | Overall cost for comparison (% APR) | Fee Saver Option (%) | Overall cost for comparison (% APR) |
Early Repayment Charge |
|
|---|---|---|---|---|---|---|
|
2 Year |
70 | 2.99 (BoE + 2.49) | 4.6 | 3.55 (BoE + 3.05) | 4.6 | 4% of the original advance until 01 October 2012 |
| 75 | 3.29 (BoE + 2.79) | 4.6 | 3.79 (BoE + 3.29) | 4.6 | ||
| 80 | 5.09 (BoE + 4.59) | 4.8 | 5.29 (BoE + 4.79) | 4.8 |
Following the Tracker rate period, the loan will revert to Northern Rock’s Standard Variable Rate (SVR), (currently 4.79%) for the life of the loan.
On Flexible products, the Early Repayment charge will apply to the original secured loan balance, payable on full redemption only.
Northern Rock offers a free basic valuation and free standard legal costs on residential remortgage cases.
Buy To Let Fixed Rates
| LTV (%) | 2.5% Product Fee (%) | Overall cost for comp- arison (% APR) | 1.5% Product Fee (%) | Overall cost for comp- arison (% APR) |
Fee Saver Option (%) | Overall cost for comp- arison (% APR) |
Early Repayment Charge |
|
|---|---|---|---|---|---|---|---|---|
| 2 Year | 60 | 5.49 | 5.2 | 5.99 | 5.2 | 6.79 | 5.2 | 4% of the outstanding loan balance until 01 October 2012 |
| 70 | 6.09 | 5.3 | 6.59 | 5.3 | 7.39 | 5.3 | ||
| 3 Year | 60 | 5.59 | 5.3 | 6.09 | 5.3 | 6.89 | 5.4 | 4% of the outstanding loan balance until 01 October 2013 |
| 70 | 6.19 | 5.4 | 6.69 | 5.4 | 7.49 | 5.5 | ||
| 5 Year | 60 | 5.89 | 5.5 | 6.39 | 5.6 | 7.19 | 5.7 | 4% of the outstanding loan balance until 01 October 2015 |
| 70 | 6.49 | 5.7 | 6.99 | 5.8 | 7.79 | 6.0 |
Following the fixed rate period, the loan will revert to Northern Rock’s Standard Variable Rate (SVR), (currently 4.79%) for the life of the loan.
Additional Information
Loan To Value (LTV)
LTV means the loan amount requested, expressed as a percentage of the property value (or the purchase price if lower).
Northern Rock’s residential mortgages for new customers are available up to a maximum 85% LTV limit. Our maximum LTV on Buy To Let mortgages is 70%. The
maximum LTV available for new build flats, on any product, is 70%.
Early Repayment Charge
For all products outlined, the period for the Early Repayment Charge (on full redemptions only) will not extend beyond the term of the Fixed or Tracker
period.
On Everyday products, the Early Repayment Charge will apply to the outstanding secured loan balance at the time of redemption. Any overpayments in excess of
the 10% annual allowance will also be subject to the Early Repayment Charge.
On Flexible products, the Early Repayment charge will apply to the original secured loan balance, payable on full redemption only.
Fee Saver Option
Northern Rock’s Fee Saver Option is ideal for customers looking to keep their fee costs as low as possible. This option is available across most of Northern
Rock’s range of mortgage products, enabling customers to choose between lower rates on a range of Product Fees, or paying a slightly higher rate without a
Product Fee. (Where fees are added to the loan they will incur interest for the term of the loan.)
Applications
Helpline for mortgage enquiries: 0845 60 50 500 (all calls are charged at the caller’s service provider’s prevailing rate and may be monitored and
recorded).
More information is available on Northern Rock’s website www.northernrock.co.uk
This information is direct at professionals only and should not be relied upon by any other persons. It is not a financial promotion and should not be
displayed as such.
Notes to Editors
Northern Rock plc is a new bank, authorised by the FSA as a deposit taker and mortgage lender from 1 January 2010. It holds and services around £19 billion of savings balances and £10 billion of mortgage accounts. It offers new savings and mortgage products.
Northern Rock continues to operate within the compensatory measures agreed with the EC as part of the State Aid approval announced in October 2009.
Important Notice
Northern Rock plc Registered in England and Wales under company number 6952311. Registered Office: Northern Rock House, Gosforth, Newcastle upon Tyne, NE3 4PL. Authorised and regulated by the Financial Services Authority. <