Northern Rock cuts mortgage rates

Northern Rock makes more mortgage rate cuts

Northern Rock has its mortgage rates for the fifth time this year.
Northern Rock mortgage rates cut for FTBs

Northern Rock has reduced rates on a number of its mortgages with the aim of making these deals more attractive to first-time buyers.

Monday, 26 October 2009 12:00

Northern Rock is today reducing a range of its mortgage rates and is providing loans for borrowers with 20 per cent deposits.

The bank is cutting rates on selected products by up to 0.64 per cent. It is highlighting its 3.65 per cent rate available on a two-year fixed-rate mortgage for customers who need to borrow up to 70 per cent of their property's value.

It is also throwing the spotlight on its five-year fixed-rate deal for customers with a loan-to-value (LTV) of 70 per cent, which has a rate of 4.99 per cent.

And it is also promoting its tracker rates, which start at 2.69 per cent.

Meanwhile borrowers with 20 per cent deposits can now take advantage of a two-year fixed-rate deal starting at 3.65 per cent and a five-year fixed-rate of 5.99 per cent.

Lloyd Cochrane, head of mortgage products, said: "As these further rate reductions show, we continue working hard to offer a new mortgage proposition that meets the needs of both homebuyers and borrowers looking to remortgage."

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