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Northern Rock Stand Cashback LTV 85%

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  • 10/08/2001
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Provider: Northern Rock Product: Standard Cashback LTV 95% CAT-Mark: No Customer response ...

Provider: Northern Rock

Product: Standard Cashback LTV 95%

CAT-Mark: No

Customer response telephone number: 0845 605 0500 Lines are open: 8am to 6pm weekdays or from 10am to 3pm weekends. Calls charged at local rate.

Largest mortgage lenders ranked by Council of Mortgage Lenders 1999: Northern Rock ranked as 10th.

Standard variable rate: 6.99%

Date product introduced: 6/4/2001

Product available to homemovers: Yes

Product available to first time buyers: Yes

Product available for remortgage cases: Yes

Product available to existing borrowers moving home: Yes

Product available to existing customers who are not moving: Yes

Maximum loan to value allowed for house purchase: 95%

Maximum loan to value allowed for remortgages: 95%

A product available to self-employed only: No

Self-certification of income available: No

Available for right to buys: Yes

Shared ownership product: Not available

Conditional buildings/contents required by lender: No

Conditional accident, sickness & unemployment required by lender: No

Interest rate loading if conditional products not taken: No

Ability to transfer product to a new property without charge: Yes

Cashback available to borrower following completion: 5.00% cashback

Maximum amount of cashback: £12,500

Refund/no charge for valuation report: Refunded valuation fee for remortgages (£100 contribution in Scotland).

ASU/unemployment cover provided free of charge: Free six months’ pay safe (mortgage payment protection insurance), including a free job search service.

Buildings/contents offered as an incentive: No

Legal fees contribution made by lender: Free legal fees for remortgages via Northern Rock’s panel of solicitors (or contribution of £150 in England/£250 in Scotland if borrowers wish to use their own solicitor).

MIG fee is not charged/refunded/reduced: No

Part early redemptions are available with no penalty: Penalty free capital repayment permitted of 15% per calendar year.

Interest rest period: Interest is calculated annually.

Other incentives available to borrower:

Mortgage base rate credit card loyalty discount ‘ once a new loan has been in continuous existence for seven years, Northern Rock borrowers qualify for a loyalty discount of at least 0.25% off the standard variable rate for the remaining term of the loan.

Procuration fee: Not stated.

Fees payable on application or completion: A £495 completion fee is payable.

Fees which can be added to loan: Completion fee.

Charge levied against borrower for early closure of mortgage: An early redemption charge is payable.

Term to which early redemption charge applies: 5/5/4/3/2/1/% of loan in first six years.

Minimum loan allowed on mortgage: No

Maximum loan allowed on mortgages: £250,000 at 95% LTV.

Distribution channel: Distribution is available via a branch network, a direct telephone service and introducers.

Lending area restrictions imposed: Lends in Great Britain.

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