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Northern Rock launches new mortgage range

Northern Rock is launching a new range of mortgage products aimed solely at new customers.

But the new range of products remain unavailable for the lender’s existing customers.

The new range sees the lender increase its lowest tier loan to value to 75 per cent from 70 per cent for homebuyers and remortgage customers.

In a new range to be launched on Monday, the lender is offering residential short term flexible fixed rate mortgages from 6.24 per cent. Fixed rate remortgage products are available from 6.34 per cent.

Buy to Let mortgages, available to both remortgage and purchase customers, are unchanged and offer a choice between 2 Year Flexible Fixed rates and Tracker for Life products. Rates start from 6.69 per cent.

Lifetime mortgages remain available at a fixed rate of 6.99 per cent with a £595 Product Fee.


Search for innovation

There are a number of factors currently influencing consumer and business confidence in Europe. Higher oil, food and commodity prices have pushed up euro-zone inflation to over 4 per cent. In common with other central banks across the world – the Fed excluded – the European Central Bank has kept interest rate policy tight despite slowing growth. Recently, it raised rates to 4.25 per cent to fight inflation.


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