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Northern Rock cuts Everyday range rates

Northern Rock has reduced the rates its everyday buy-to-let range by up to 60 per cent.

The lender’s two-year buy-to-let fixed-rate for customers wanting to borrow 70 per cent loan-to-value now start from 5.59 per cent with a flat product fee of £1,995.

Northern Rock has also amended the rates of some of its Everyday residential range, cutting them by 0.3 per cent. Its two-year, three-year and five-year fixed rate deals now start from 4.59, 4.99 and 5.29 per cent respectively.

The range allows up to 10 per cent overpayment each year and the option for payment holidays and is aimed at those looking to take their first steps on the property ladder.

Head of mortgage products Lloyd Cochrane says: “Today’s improvements to our product range reduce the monthly mortgage cost for customers with smaller deposits, and make it more affordable for those looking to either buy a home, or remortgage from their existing deal.”

Earlier this month, Northern Rock’s so-called “bad bank” Northern Rock Asset Management has posted a profit of £349.7m for the first half of 2010 while the “good bank” made a loss of £142.6m.

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