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Learn about mortgages

We know there's a lot to think about when choosing a mortgage, but don't worry, we're here to make the whole process as simple as possible for you.

Your home may be repossessed if you do not keep up repayments on your mortgage.

 

Fully flexible mortgages

If you have a mortgage with flexible features, you may be able to take advantage of a full range of options to make life a little easier for you. These features allow you to pay more off your mortgage each month, apply to borrow back previous overpayments or even apply to pay less each month.

If you would like to take advantage of our flexible features, we will look at your individual circumstances before any agreement is made. This will include an affordability assessment, which may require income verification. Please note, all flexible mortgage features are subject to terms and conditions.

In this section

 
Mortgage overpayments

If you would like to pay a bit extra each month, or you would prefer to overpay with a lump sum, you can. With our Flexible mortgage?s you can make unlimited, free-of-charge overpayments, provided that the mortgage is not redeemed in full.

As overpayments reduce the amount of money you have borrowed on your mortgage, this could result in a saving of the amount of Interest? charged, which in turn, will help you to pay off your mortgage earlier.

Following receipt of an overpayment, your outstanding balance and the Interest charged will be recalculated the following day.

Borrow back

If you have a fully Flexible mortgage? and you make overpayments which total at least £500, then subject to Northern Rock's prior agreement, you may be able to Borrow back? some, or all, of the amount overpaid.

The Interest? rate charged on any amount that you Borrow back? will be at your prevailing mortgage Interest? rate. The minimum amount that you can apply to borrow back at any one time is £500.

Mortgage underpayments

If you have a fully Flexible mortgage? and you make any overpayments, you may apply to make a lower monthly payment or stop your monthly payment. All underpayments are subject to Northern Rock's prior agreement.

Payment holidays

You may apply for a one-month payment holiday for every nine consecutive full monthly payments you make. The maximum payment holiday period is three months, which can be applied for once you have made 27 consecutive full monthly payments.

Interest? will continue to be charged during a payment holiday. Taking a payment holiday will also increase the outstanding balance upon which future loan Interest? charges are calculated.

When deciding if we will allow a payment holiday, we will assess your ability to repay the revised total mortgage balance and the associated monthly payments, based on your individual circumstances at the time. This will include an affordability assessment, which may require income verification. All payment holidays are subject to Northern Rock's prior agreement.

Get in touch

If you wish to take advantage of any of the features above, simply call us on 0845 602 8301* and we'll do everything we can to help.

Please note, not all of our mortgages come with these features. Please check your mortgage offer for details or contact us on 0845 602 8301 for further information. * Lines are open 8:00am to 6:00pm weekdays and 9.00am to 12.00pm on Saturday. Calls are charged at your service provider’s rate and may be monitored and recorded.

Why choose Northern Rock?

We'll help you find our best mortgage for your needs and ensure that everything runs as smoothly as possible from beginning to end.

Protect your home

Did you know that we, together with our chosen partners, offer insurance products such as: