Northern Rock has launched a new range of mortgages offering cashback on completion.
The state-owned bank says the range is aimed at a wide variety of customers, including first-time buyers and landlords.
Up to £750 cashback is available on completion on selected residential and buy-to-let mortgages.
£500 cashback is available on selected residential Everyday fixed rates at 80% LTV, 85% LTV and 90% LTV. Northern Rock has also cut interest rates on some of these deals by up to 0.30 percentage points.
For a limited period, £750 Cashback is available on all Northern Rock buy-to-let mortgages. The range includes two, three and five year products up to 70% LTV with flat fees, percentage fees and fee free options available. The offer is available until 8 August 2011.
Following feedback from customers and intermediaries, Northern Rock has also made improvements to its mortgage porting policy. All new customers completing a mortgage from today (25 July) will be able to port their existing mortgage balance or a reduced balance (subject to any applicable ERC if a customer chooses to reduce their balance), and if they need additional borrowing to purchase their next property they will be able to apply for a new product for the additional amount on the terms of the purchase product range available at that time.
The lender has also cut rates on its two-year Everyday tracker with a £995 product fee, now available at 2.38% up to 70% LTV, or at 2.48% up to 75% LTV. Both of these deals are available to purchase and remortgage customers.
Lloyd Cochrane, Northern Rock’s head of lending products, said: “We are delighted to add our new Cashback incentive to Northern Rock’s mortgage proposition
