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Northern Rock launches new 90% LTV mortgage to help First Time Buyers



Northerly Rock has introduced a new selection of Everyday mortgage deals with competitive rates available up to a max of 90% LTV as part of its new support package for First Time Purchasers. Designed to make an appeal to people who have lower deposits but with good cost, including First Time Buyers, a 2-year fixed rate mortgage deal is available at 5.99%, a three year Fixed Rate is 6.49% and a five year Fixed Rate is 6.59%. No product costs are due on any of the products, all of which are being offered immediately through Northwards Rock branches and UK call centre, as well as being available thru some of the bank’s intermediary partners. As well as these new releases, Northerly Rock has also dropped mortgage interest rates across the remainder of its mortgage range, with Everyday Fixed rates for customers with deposits of 25 percent and 30 percent reduced by almost 0.19%, Everyday Trackers for those with deposits of 25% and 30% have been reduced by as much as 0.30%, 2-year fixed mortgage rate BTL (BTL) deals cut by 0.60%, and longer term BTL deals by 0.20%. With First Time Buyers to mind, the new ninety percent LTV mortgages northernrock will be enhanced by a new mortgage service offer, to help customers take their first steps onto the property ladder. Research carried out by the bank disclosed that while First Time Purchasers are delighted at the prospect of owning their own home, they felt the process could be dismaying and confusing, with little support available in the market to meet their specific requirements. Northerly Rock has thus drew up a full mortgage delivery service for First Time Consumers, developed especially to ease these concerns and guide customers through their first experience of purchasing a home.

Andy Tate, Northern Rock’s Customer and Commercial Director, recounted : “Our fresh mortgage products, which may be offered inside our cautious risk appetite and only to consumers with good price, should appeal to those who have lower deposits and First Time Customers. “First Time Purchasers are crucial to the home and mortgage markets. Having listened to those consumers, we have developed a service that not only helps them to arrange the right type of mortgage that they can afford, but also supports them thru the varied steps in the process.” Northwards Rock will help steer customers thru the house-buying process using 10 simple steps, which covers a different area of the house purchase journey, from setting an affordable budget at the outset, right thru to exchange and completion. Experienced advisors will also be available both on the phone and in branch to reply to any questions. A new animated video guide for First Time Purchasers has already been added to Northern Rock’s award-winning mortgage website to help purchasers with their initial research.

It offers northernrock mortgage accounts to customers in the United Kingdom and Ireland and mortgage homeloan offerings to UK borrowers. New mortgage products are offered through both direct channels – including a countrywide branch network – and mortgage middlemen. Northern Rock continues to operate in the compensatory measures concluded with the EC as a part of the state Aid approval announced in October 2009. Media Contact : Jule Wilson North Rock House Gosforth Newcastle on Tyne NE3 4PL 0191 279 4676 northernrock.


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