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Northern Rock&#39s new Cap

Northern Rock


CAPPED RATE MORTGAGES


Capped term: Until January 1, 2003.


Capped rates: Option one – 6.19 per cent, option two – 6.79 per cent.


Minimum loan: Negotiable.


Maximum loan: Up to 95 per cent of valuation subject to a maximum of £250,000.


Income multiples: Loans up to 75 per cent of valuation – 3.25 times principal income plus second or 2.5 times joint. Loans up to 95 per cent of valuation – three times principal income plus second or 2.5 times joint.


Arrangement fee: £495.


Redemption fee: Option one – 5 per cent in years one to four, 4 per cent in year five and 3 per cent in year six. Option two – 5 per cent in first four years.


Conditions: None.


Introducer&#39s fee: Negotiable.


Tel: 0845 6050 500.

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