Mortgages Uncovered

‘Freedom to Fix’ is the new tracker mortgage on offer from Northern Rock that allows customers to change to a fixed rate mortgage at any time during the repayment period. They can do so without the risk of incurring charges or repayment penalties.

At the moment, interest rates are at an all-time low of 0.5% and so starting on a variable interest rate mortgage makes a lot of sense. This option, however, would allow buyers to take advantage of the current low rates without being put off by the potential interest rates in the future.

The Northern Rock commercial director Andy Tate said:

“Due to the low interest rate environment, many borrowers remain attracted to tracker mortgages. However, our research tells us that many customers are mindful of the possibility of base rate rises in the not too distant future and so would like to keep their options open.

“Our Freedom to Fix mortgages offer customers the best of both worlds – a competitive interest rate now with the added security of being able to fix their rate at any point during the tracker period.”