Tracker rate reduction from Northern Bank (NI) - Mortgages - News - Moneyfacts


Tracker rate reduction from Northern Bank (NI)

Tracker rate reduction from Northern Bank (NI)

Category: Mortgages

Updated: 20/07/2010
First Published: 10/03/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Northern Bank (NI) has reduced the rates of its residential variable rate tracker mortgages which are linked to Northern Bank Base Rate for the life of the loan.

All tiers have been reduced by 0.10% which strengthens Northern Bank's position in the mortgage market. In addition they have introduced a new tier for residential mortgages with a loan to value of less than 60%.

An arrangement fee of £799 is payable, but borrowers who switch their mortgage from another provider benefit from added incentives of up to £175 towards valuation fees and up to £300 towards legal fees.

The arrangement fee can be reduced further to £499 for those holding a Choice Plus, Prestige or Freedom current account with the bank.

For a limited period however, existing Northern Bank current account customers who switch their mortgage from another provider will benefit from not having to pay any Residential Mortgage Arrangement fee*.

Mark Beattie, Northern Bank's head of products, said: "We are very much open for mortgage business and have recently made a number of improvements to our residential mortgage options to ensure we have something for everyone, whether they are first time buyers, thinking of moving home or just looking for a better deal.

"The biggest changes have been to reduce rates on our Base Rate Tracker mortgage tiers and to introduce a new tier on both Base Rate Tracker and Fixed Rate residential mortgages with a loan to value of less than 60%.

Borrowers are reminded that Northern Bank (NI) only lends in Northern Ireland.

Four out of five Moneyfacts stars have been awarded.

Find the best mortgage for you - compare Mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Halloween horrors that put people off a home

Halloween is just around the corner, and many people will be getting their homes ready for a night of spooky fun. However, if you’re trying to sell your home, there are some real-life horrors that could put people off…

Londoners could be saving for a century to buy

We all know how expensive property can be in London and how tricky it is to get on the ladder, but the figures could still come as a shock, with a study finding it could take more than a century for the typical Londoner to save a deposit.

85% of remortgagors benefit from lower rates

Mortgage rates are among the lowest ever recorded, and in the case of fixed rates, they just keep falling! This means it’s never been cheaper to fix your mortgage rate for the long term, and unsurprisingly, remortgagors are taking advantage.