Northern Rock launches intermediary designed product

Northern Rock will tomorrow (Friday, August 13, 2010) launch a new mortgage product, designed and chosen by its intermediary partners.

Related topics:  Mortgages
Millie Dyson
12th August 2010
Mortgages
Throughout June, Northern Rock was inundated with entries to its ‘Design Your Own Mortgage Product’ competition, open exclusively to intermediaries to design new mortgage products and vote on the concepts created by their peers. And the lender has now launched the winning mortgage, as voted for by intermediaries.

The new Flexible Tracker, offering a competitive interest rate of 2.93% (BoE + 2.43%) to customers with a 30% deposit (70% Loan to Value), has a product fee of £995, and was submitted by broker Mark Watson.

He said:

“The Flexible draw down facility will help fulfil the client’s needs, with a low fee. It means that clients with equity in their property can make full use of the facility to overpay or apply to borrow back their funds with no extra fees or penalties.”

The new 2 Year Flexible Tracker has been added to Northern Rock’s range of Intermediary Exclusive mortgage products and is available for sale from tomorrow.

Northern Rock’s Marketing Director Anth Mooney added:

“We were overwhelmed by the response we had to this competition and would like to thank all of our intermediary partners for taking part.

“Intermediaries are a core part of Northern Rock’s business, and this is one way for us to recognise that support. In designing and voting for this product, our partners have told us what their clients are looking for in a mortgage product and with their help, we have been able to bring  it to market.

“We’re delighted to be able to offer this product as an intermediary only exclusive.”
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