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

News

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

MONEYFACTS ARCHIVE
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 It is now over 6 months old so the content may be out of date.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 Any products featured may be withdrawn by their provider or changed at any time.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

Goodbye to the Help to Buy Guarantee

On 31 December, phase two of the Help to Buy initiative will be withdrawn from the market. It’s certainly done wonders for the high loan-to-value sector, so we thought we’d take a closer look at the significance of the scheme and the effect it’s had.

Remortgaging bounces back

Remortgaging has been enjoying a welcome boost in recent months, despite September’s slight dip, with many homeowners capitalising on record low mortgage rates to boost their finances.

Bank of Mum and Dad holds the (house) key

The Bank of Mum and Dad is an important source of finance for many young adults, and it seems that they still hold the key – in more ways than one.
 
Close