The freedom to fix tracker mortgage gives borrowers the option to switch to a fixed rate without having to pay an early repayment charge, and is available from 2.58%.
The mortgage is available through any Northern Rock branch as well as its UK call centre and the bank’s intermediary partners.
A two-year freedom to fix tracker with a £995 product fee is available at 2.58% up to 70% LTV (requiring a 30% deposit), from 2.98% up to 75% LTV (requiring a 25% deposit), and from 3.99% up to 80% LTV (requiring a 20% deposit).
Northern Rock has also made rate reductions to its residential and buy-to-let mortgage ranges.
Everyday fixed rates have been reduced by up to 0.50%, while everyday two-year fixed rates start from 3.19% up to 70% LTV.
Everyday trackers have been reduced by up to 0.11%. Two-year trackers start from 2.48% (BOE +1.98%) up to 70% LTV.
Everyday buy-to-let fixed rates have been reduced by up to 0.40%. Buy-to-let two-year fixed rates start from 3.89% up to 60% LTV.
Andy Tate, Northern Rock’s customer and commercial director, said: “Due to the low interest rate environment, many borrowers remain attracted to tracker mortgages. However, our research tells us that many customers are mindful of the possibility of base rate rises in the not too distant future and so would like to keep their options open.
“Our freedom to fix deals offers customers the best of both worlds – a competitive interest rate now with the added security of being able to fix their rate at any point during the tracker period.”
