Tracker rate reduction from Northern Bank (NI)

Tracker rate reduction from Northern Bank (NI)

Category: Mortgages
Date: 10/03/2010

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.

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