Northern Rock's new 90% mortgage launches via Sesame

After days of rumour and speculation, Northern Rock has now launched its new two, three and five-year Everyday fixed rate products for purchase customers at up to 90% LTV.

The products are available direct from Northern Rock or through appointed representatives of the Sesame Network.

The rates start at 5.99% for a two-year fixed rate, 6.49% for a three-year fixed rate and 6.59% for a five-year fixed rate. No product fee is payable on any of the products, which only have a £99 application fee.

Robert McCoy, senior product and communications manager, said: “This is an excellent rate for house purchase customers. We expect the two-year deal in particular to be very popular.

“This is a great opportunity for our Sesame network members to help some of their first-time buyer clients get on the property ladder, as well as second-time movers who have limited deposits or equity in their current property.”

Richard Tugwell, head of sales at Northern Rock, said: “We are pleased to be able to introduce these products, which have been designed within our prudent risk appetite with affordability for customers a key consideration.

“Intermediaries remain an important part of our distribution strategy.”