Website: Northern Rock
Phone: 0845 601 1581
Northern Rock offers a bewildering range of mortgages; including some unique to the company. In general a Northern Rock mortgage is most appropriate for people with high borrowing needs and a need to release equity from their property. Read the small print carefully as terms vary wildly between products.
Northern Rock used to have a reputation as a "bucket shop" for mortgages- and were often criticised for offering low rates but extortionate escape clauses. Today, the company still won't win any service awards, but is consistently in the top five for best rates.
There are unique Northern Rock mortgage products available including a 125% deal so you get your home plus an unsecured cash reserve. There's a guaranteed repayment mortgage which is fixed for the entire term (up to 15 years). For over-60s, there is an equity-release option which is effectively a 100% loan to the value of the property. There are also self-certification and commercial LIBOR mortgages available, plus up to £1000 added to your loan for moving expenses.
Arrangement fees are high with Northern Rock (often £600 or more); and unlike other lenders, the charging structure on your Northern Rock mortgage will vary from policy to policy; so be sure to get clear advice specific to the loan you take out.
