Northern Rock has unveiled details of its new flexible mortgages which includes a two-year tracker deal.
The Flexible Base Rate Tracker, which is available for both house purchase and remortgages, has a rate of 3.89 per cent for customers who do not want to pay a product fee.
Or, for a £995 fee, borrowers will be charged a rate of 3.29 per cent. Both options are for customers who need a loan for up to 65 per cent of their property’s value.
The flexible deals allow customers to make unlimited penalty-free overpayments or underpayments. They can borrow back at the p product rate and can take payment holidays.
Northern Rock has also reduced rates on selected Flexible fixed-rate mortgages by up to 0.40 per cent. This means borrowers on a two-year Flexible deal could pay as little as 4.09 per cent interest with a £995 fee.
Five year Flexible fixed rates start from 5.79 per cent with a £995 product fee.
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