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Northern Rock |
Northern Rock's has it's roots traced back to the
1850s in Newcastle. In 1994 it merged with the Sunderland-based
North of England Building Society. It then became the tenth largest
building society in the UK . In 1997, Northern Rock's members voted
to convert to a public limited company. Northern Rock ranks as 8th
largest UK bank and the largest financial institution based in the
North East of England. In 2007 it became the first British banking
institution to have a "run" on it for 150 years. An outstanding
achievement.
Northern Rock has a variety of mortgages. The main types are the following:
- Fixed
- Flexible
- Variable
- Cash Back
- Offset
- Together
Fixed: your starting rate will be fixed for an agreed interval. Your rate will be determined based on the length of the fixed rate period and the mortgage product you choose. After the fixed rate period the mortgage will convert to Northern Rock's standard variable rate.
- An early repayment fee may apply
- An arrangement fee is applicable
Flexible: this type of mortgage allows flexibility in repayments. You can make underpayments, and even take payment holidays as long as you have made earlier overpayments. You can combine this type of mortgage with others, such as fixed and variable, to get a competitive rate and more flexible features.
Tracker: your mortgage interest rate is linked to, and set just above the Bank of England base rate for an agreed period. Any change in the interest rate will reflect on to your mortgage.
- An early repayment fee may apply
- An arrangement fee is applicable
Cash Back: when your mortgage comes to a closure you will receive a one off lump sum payment from Northern Rock. The amount will depend on the size of your loan. You can then use this money as you please. | 
