Northern Rock has cut selected Everyday residential rates by up to 0.70%.

As part of the fifth rate cut so far in 2010 from the lender, Everyday two-year fixed rates for customers with a 30% deposit start from 3.39%, or 3.75% for customers with a 25% deposit. Both of these deals have product fees of £995 and are available for purchase and remortgage customers.

Everyday three-year fixed rates, which were introduced to the market a fortnight ago, have also seen reductions, and now offer a rate of 4.39% for customers with a 25% deposit.

Everyday two-year tracker rates now start from 2.55% (Bank of England rate plus 2.05%). with a product fee of £995, for purchase customers with a 30% deposit.

The nationalised lender offers Fee Saver options across both fixed and tracker ranges.

Everyday mortgages also offer customers limited flexibility, including the ability to make overpayments of up to 10% each year and the option to apply for payment holidays.