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Northern Rock launches new mortgage range

Northern Rock has launched a new mortgage range from today which sees residential short term flexible fixed rate mortgages available from 6.49 per cent.

Lifetime mortgages are available at a fixed rate of 6.99 per cent while buy to let mortgages are available from 6.49 per cent.

The lender is also introducing a new maximum loan to value limit on residential mortgages of 90 per cent LTV and a new maximum LTV limit on BTL mortgages of 70 per cent LTV.

A new range of income multiples also applies, subject to credit score, for all residential applications. The new multiples will range from 2.1 to 4.5 times income compared with the previous range of 2.8 to 4.9.

Executive Chairman Ron Sandler says: “This is the first major review of our mortgage product range since Northern Rock was taken into temporary public ownership. The changes reflect our determination to create a viable business in accordance with our published business plan and competitive framework.

“While we intend to reduce our mortgage book by accelerating redemptions, we also need to maintain a presence in the UK mortgage market and originate a modest level of new loans without distorting competition. We believe this new range will help us to do just that.”

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