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Rock offers fixed mortgages with personal loan option

Northern Rock is expanding its mortgage range with four fixed-rate products.

The loans include two-year and seven-year fixed rates as part of its Together range which offers borrowers an optional unsecured personal loan at the same rate as their mortgage.

The two-year loan is fixed at 5.89 per cent for loans up to 90 per cent loan to value and at 5.99 per cent up to 95 per cent LTV until December 1, 2004. The seven-year loan is also fixed at 5.89 per cent up to 90 per cent LTV and 5.99 per cent up to 95 per cent LTV until December 1, 2009.

Both products guarantee a rate of 1 per cent below Northern Rock&#39s standard variable rate for the remaining term of the loan.

Redemption penalties are 2 per cent of the loan during the fixed-rate period.

The 10-year and 15-year rates are 5.99 per cent up to 95 per cent LTV until December 1, 2012 and 2017 respectively.

The redemption penalty on the 10-year loan is 7 per cent in years one to three, 5 per cent in years four to six and 3 per cent for the remaining fixed term.

The 15-year redemption penalties are 7 per cent in years one to five, 5 per cent in years six to 10 and 3 per cent for the remaining fixed term.

At the end of the terms, the loan will revert back to the bank&#39s SVR, which is currently 5.85 per cent.

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