Northern Rock has cut rates by up to 0.12 basis points on its Intermediary Exclusive product range.

It has also changed the structure of Early Repayment Charges (ERCs).

Northern Rock’s two year fixed rates with a £995 product fee will now start from 2.77% for both purchase and remortgage customers at 70% LTV.

There is also a two-year fixed rate with no product fee priced at 3.19% at 70% LTV.

Those who would prefer to fix for longer can choose a new five year FSO at 75% LTV for 4.25%. All of these products are available exclusively through intermediaries registered with a Northern Rock account. Northern Rock’s remortgage products also offer the lender’s standard free valuation and legal package.

The lender has made a number of changes to the ERCs across all mortgage products (both core range and intermediary exclusives). Charges are now set at 1% on all Tracker products, 2.5% on two year fixed rates, 3.5% on three year fixed rates and 5% on rates fixed for five years.

Everyday mortgages offer the ability to make overpayments of up to 10% each year, as well as the option to apply for payment holidays.