Provider: Northern Rock
Product: Standard Cashback LTV 95%
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.