Northern Bank Mortgage Lender Overview

Lenders

Below you will find a list of UK mortgage lenders. By clicking on the name of the mortgage lender you will be able to read a brief overview of history and products offered...

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Northern Bank – UK Mortgage Lender

Northern Bank was founded in Belfast in 1809. From its early days it has offered financial services to the business community. The bank operates in both Northern Ireland and the Irish Republic (where it operates under the National Irish Bank name). In 2005, Northern Bank was taken over by Denmark’s largest bank, Danske Bank.

Northern Bank has 95 branches and 13 financial centres in Northern Ireland.

Mortgage Products

Fixed Rate Mortgages: 3 year, 5 year and 10 year fixed rate mortgages and remortgages.

Tracker Mortgages: lifetime base rate tracker mortgages and remortgages.

Standard Variable Rate Mortgage: a variable rate mortgage where monthly repayments go up and down in line with the lender’s base rate.

Buy to Let Mortgages: 3 year, 5 year and 10 year fixed rate, lifetime base rate tracker and standard variable rate mortgages and remortgages.

Northern Bank prides itself on offering innovative mortgage products that move with the latest developments in the housing market. One of the main features of the Northern Bank products is that the interest rate varies to allow borrowers to make the most of the equity that they have built up.

For example if the loan on a property is £50,000 and the new value of the property is £100,000, then the loan to value ration is 50% and this will allow the borrower to obtain a certain lower interest rate. After several years, the loan may be reduced to £40,000 and the value of the property may be £160,000 which has a loan to value ration of 25% and will then attract an even more preferential rate of interest. This is an innovative approach and allows borrowers to make the most of the growing equity in their property.

Other products include personal loans, current accounts and financial planning services.

Website: www.northernbank.co.uk

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Typical Interest Payments

First Time Buyers

2.89%

Purchased Fixed

2.89%

Discounted Rate

2.99%

Buy To Let

2.99%

Commercial

3%

 

 

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