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Northern Rock cuts buy-to-let fixed rates by up to 0.4%

Northern Rock has reduced the rates on its two and three-year fixed rate buy-to-let mortgages by up to 0.4 per cent.

The reductions include a 0.4 per cent cut in the lenders fee-free 70 per cent loan-to-value two-year fixed rate from 6.39 per cent to 5.89 per cent and a 0.3 per cent cut in its £995 fee three-year fixed rate product up to 60 per cent LTV from 6.29 per cent to 5.89 per cent.

It has also launched a range of new percentage fee but-to-let products, with fixed rates starting from 4.09 per cent for a two-year product and 5.79 per cent for a five-year product. Both products come with a 3.5 per cent fee and are available up to 60 per cent loan-to-value.

The lender has also launched a selection of buy-to-let trackers from base rate plus 2.79 per cent with a 3.5 per cent fee.

There are three fee structures to choose from, including a fee saver option, which allows borrowers to roll the fee up into the mortgage, a flat fee of either £995 or £1,995 or percentage fees of between 2 per cent and 3.5 per cent.

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