Northern Rock has become the latest lender to offer existing borrowers the ability to switch to a fixed rate, without incurring an early repayment charge (ERC).
Its new ‘Freedom to Fix Tracker’ mortgage has the option to switch to a fixed rate, ERC-free.
Freedom to Fix is available through any Northern Rock branch as well as its UK call centre and the bank’s intermediary partners.
A two-year Freedom to Fix Tracker with a £995 product fee is available at 2.58% up to 70% LTV, from 2.98% up to 75% LTV and from 3.99% up to 80% LTV.
The state-owned lender has also cut rates on a number of its residential and buy-to-let ranges.
Everyday fixed rates have been reduced by up to 0.50%, now starting from 3.19% up to 70% LTV. Everyday trackers have been cut by up to 0.11%. Two year trackers now start from 2.48% (BOE +1.98%) up to 70% LTV.
Everyday buy-to-let fixed rates have been cut by up to 0.40%, now starting from 3.89% up to 60% LTV.
Andy Tate, Northern Rock’s customer and commercial director, said: “Due to the low interest rate environment
