Northern Rock will tomorrow launch a new product designed and chosen by its intermediary partners.
In June, the lender ran a ‘design your own mortgage’ campaign, open exclusively to intermediaries, to design new mortgage products and vote on the concepts created by their peers. The lender has now launched the winning mortgage, as voted by intermediaries.
The new flexible tracker has a rate of 2.93 per cent – Bank of England base rate plus 2.43 per cent – to customers at 70 per cent loan-to-value and comes with a £995 product fee.
Mortgage broker Mark Watson devised the winning submission.
He says: “The flexible draw down facility will help fulfil the client’s needs, with a low fee. It means that clients with equity in their property can make full use of the facility to overpay or apply to borrow back their funds with no extra fees or penalties.”
The new two year flexible tracker has been added to Northern Rock’s range of intermediary exclusive mortgage products and is available for sale from tomorrow.
Northern Rock’s marketing director Anth Mooney added: “We were overwhelmed by the response we had to this competition and would like to thank all of our intermediary partners for taking part.
“Intermediaries are a core part of Northern Rock’s business, and this is one way for us to recognise that support. In designing and voting for this product, our partners have told us what their clients are looking for in a mortgage product and with their help, we have been able to bring it to market.
“We are delighted to be able to offer this product as an intermediary only exclusive.”