Northern Rock launches broker-designed product

Sarah Davidson

August 12, 2010

Throughout June, Northern Rock was ran a ‘Design Your Own Mortgage Product’ competition, open exclusively to intermediaries to design new mortgage products and vote on the concepts created by their peers. And the lender has now launched the winning mortgage, designed by broker Mark Watson.

Watson said: “The flexible draw down facility will help fulfil the client’s needs, with a low fee. It means that clients with equity in their property can make full use of the facility to overpay or apply to borrow back their funds with no extra fees or penalties.”

The new 2-year flexible tracker will be available through intermediaries exclusively.

Northern Rock’s marketing director, Anth Mooney, added: “We were overwhelmed by the response we had to this competition and would like to thank all of our intermediary partners for taking part.

“Intermediaries are a core part of Northern Rock’s business and this is one way for us to recognise that support. In designing and voting for this product, our partners have told us what their clients are looking for in a mortgage product and with their help, we have been able to bring it to market.”

Northern Rock’s range of flexible products allows customers the chance to apply to use more of its flexible features, such as unlimited charge-free overpayments, underpayments or borrowing back overpayments.

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