Northern Rock Cuts Everyday Mortgage Rates

NEWCASTLE UPON TYNE, England, Oct. 11 /PRNewswire/ -- Northern Rock has improved its Everyday mortgage range, offering lower rates which will make it more affordable for those looking to buy a new property or remortgage their home. The new Everyday fixed rates start from just 3.09%.

Everyday mortgages offer customers simple, straightforward mortgage deals with competitive rates and the ability to make overpayments of up to 10% each year, as well as the option to apply for payment holidays.

The news comes just weeks after it reduced its application fee for purchase customers to just 99 pounds Sterling.

Until Saturday, 23 October 2010, all successful mortgage applicants on any Northern Rock purchase product who complete by 31st January 2011 will be entered into a prize draw with the chance of winning a home 'makeover'. This prize will include a personal consultation with an interior designer to help them plan the change, and gift vouchers from retailer John Lewis.

Lloyd Cochrane, Head of Mortgage Products at Northern Rock, said: "Buying a new house can be very exciting, but making your new house your home can also be expensive. Northern Rock understands this and so, as well as making rate cuts across our Everyday range of mortgages, we are offering one lucky mortgage customer the chance to win a fantastic new home makeover which we hope will help things along a little."

Northern Rock continues to offer a choice of Fee Saver options across its Everyday and Flexible product ranges for customers who are looking to keep their costs as low as possible. And there is also a competitive range of Buy-to-Let mortgages available.

Northern Rock continues to operate its mortgage product range within the constraints of the competitive measures agreed with the European Commission. Full details of the entire mortgage product range offered by Northern Rock are included for information.

Notes to editors

Loan To Value (LTV) - LTV means the loan amount requested, expressed as a percentage of the property value (or the purchase price if lower).

Northern Rock's residential mortgages for new customers are available up to a maximum 85% LTV limit. Our maximum LTV on Buy To Let mortgages is 70%. The maximum LTV available for new build flats, on any product, is 70%.

This information is direct at professionals only and should not be relied upon by any other persons. It is not a financial promotion and should not be displayed as such.

About Northern Rock:

Northern Rock plc is a new bank, authorised by the FSA as a deposit taker and mortgage lender from 1 January 2010. It offers savings accounts to customers in the UK and Ireland and mortgage products to UK borrowers. New products are offered through both direct channels - including a national branch network - and mortgage intermediaries.

Northern Rock continues to operate within the compensatory measures agreed with the EC as part of the State Aid approval announced in October 2009.

Northern Rock plc - Registered in England and Wales (Company No. 6952311).

Registered Office: Northern Rock House, Gosforth, Newcastle upon Tyne, NE3 4PL.

Authorised and regulated by the Financial Services Authority.

SOURCE Northern Rock