Northern Rock is to launch a new product tomorrow which was designed and chosen by the intermediary sector.
In June, Northern Rock ran a ‘Design Your Own Mortgage Product’ competition, open exclusively to intermediaries to design new mortgage products and vote on the concepts created by their peers.
The winning entry was for a new flexible tracker, priced at 2.93% (BoE + 2.43%) up to 70% LTV. It has a product fee of £995 and was submitted by broker Mark Watson.
Watson said: “The flexible draw down facility will help fulfil the client’s needs