mortgage product information
Free Basic Valuation and Free Standard Legal Work for Residential Remortgage Customers
Remortgage customers taking one of our residential products (excluding Buy To Let & Lifetime) will be entitled to a free basic valuation and free standard legal costs.
Free Basic Valuation Remortgage customers will be entitled to a free basic valuation report and will not be required to pay the £250 application fee. The valuation must be instructed by Northern Rock. If it is instructed by any other party, the cost will not be covered by Northern Rock.
Free Standard Legal Work Northern Rock will appoint a solicitor from its panel who will act on Northern Rock’s behalf to undertake the legal work involved. Northern Rock will cover all standard legal costs but your client will be responsible for paying the costs of any additional or non-standard legal work that may be required e.g. transfer of equity, Land Registry fees etc. If the customer wishes to appoint their own solicitor to act in this transaction they will be required to meet all legal costs.
Buy To Let Rapid Remortgage
We will aim to ensure that your client's Remortgage to Northern Rock completes within one month on receipt of a fully completed application form and fee.
This is subject to access to the property on request in order to complete a valuation and the customer returning promptly any documents or requests for further information from either our solicitor or us.
Please note: The Rapid Remortgage offer is only available when one of our Remortgage panel solicitor firms is instructed. Your client will be required to pay the panel solictor directly, or may opt to have the fee added to the loan on completion - see below.
Panel of Solicitors for Rapid Remortgage legal work
We can instruct from our panel of solicitor firms to act on our behalf in Rapid Remortgage transactions. We have a dedicated panel of solicitors who are conveyancing specialists with proven service levels and fast turn-around times.For Rapid Remortgage cases, your client will have the option of either paying the legal fees direct to the panel solicitor, or adding these fees to their mortgage account. The fees charged will be at the following standard rates (inclusive of VAT and standard disbursements):
| Buy To Let Mortgages | |
|---|---|
| England & Wales | £250 |
| Northern Ireland | £335 |
| Scotland | £400 |
Please note that the fees mentioned above are for standard Remortgage transactions. Any extra legal work or additional disbursements will be agreed in advance and must be paid for in addition. Extra work could include, but is not limited to, change of parties, purchase of land, or change of name, whilst additional disbursements could include any first registration fee and landlord's registration fee.
Home purchase customers may also use the panel of solicitors, and prices will be agreed on an individual basis.
Early Repayment Charge
All Products are portable, i.e. the remaining terms and conditions of the original loan are transferable to a new property when a customer moves home. Where the loan is ported the Early Repayment Charge relating to the balance transferred will be refunded.
Customers taking a new mortgage product will only be able to port their existing balance or reduce it, if the new loan is for less than the amount required to repay the outstanding balance the customer will be required to pay the Early Repayment Charge on the reduction in balance. All transfers must take place within 3 months of redemption of the original loan.
If a customer moves home and takes out a new product with Northern Rock within 3 months of redemption of the original loan, 50% of any Early Repayment Charge will be refunded.
Existing customers (whose mortgage product was launched prior to 12 May 2008) can still apply to port their product and apply for additional borrowing, subject to lending criteria and maximum LTVs. A Porting Additional Borrowing Fee of £495 will be charged for any increase in borrowing.
Loyalty Discount
Once a customer has had their mortgage with us for 7 years, a loyalty discount is available provided that:
- Their mortgage payments are up to date. They do not continue to benefit from a Special Rate (such as a product discount, a guaranteed rate, or fixed rate) or other product benefit.
- They are not within an Early Repayment Charge period.
The loyalty discount will be at least 0.25% off Northern Rock's Standard Variable Mortgage Rate for the rest of the life of the loan. The current loyalty rate is 7.24%. If a customer moves home and takes a new mortgage product with Northern Rock (or they transfer their existing mortgage to their new home) they will lose the benefit of any time that has accrued towards the calculation of the 7 years. On completion of the new mortgage the 7 year period will begin again from year 0. If a customer transfers to a new mortgage product without moving home the accrual of the 7 year period will continue (provided they meet all other eligibility criteria). Customers can choose to move to the loyalty rate (provided they meet all other eligibility criteria) even when they are within an Early Repayment Charge period but they will have to repay the Early Repayment Charge applicable to their then current mortgage product. Please note: The loyalty discount does not apply to the Lifetime Mortgages or Buy to Let mortgages.
Personal Secured Loans
This loan is available exclusively to Northern Rock mortgage customers, borrowing any amount from £3,000. The mortgage and secured loan combined can be worth up to 90% of the value of the property or up to the maximum LTV of their current product. (Whichever is lower)
There is no longer any application forms to complete for personal secured loans, please call us on
General Information
All our products are limited and may be withdrawn without notice. Products can only be reserved upon receipt of a completed application form and full fees. Northern Rock cannot advise its customers on their personal tax. If you have any tax queries about our products, the applicant should contact their local tax office. APRs are variable. Rates may vary.