Northern Rock reduces application fees

High street lender Northern Rock is to cut its application fee to customers looking to buy a new property.

The mortgage application fee for purchase customers comes down from £250 to £99, in a bid to attract new applicants.

Northern Rock said the purchase range, which includes both fixed-rate and tracker products, as well as buy-to-let, is designed to appeal particularly to first-time buyers and those with lower deposits.

Anth Mooney, marketing director at Northern Rock, said: "This reduction to our mortgage application fee is great news for customers who are looking to keep their purchase costs low.

"There are lots of elements involved in buying a new home and this is one way Northern Rock is helping to keep things as straightforward and affordable as possible for our customers."

Last week, Nationwide reduced its remortgage rates by as much as 0.2 per cent on selected products.

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2010-08-23 12:33:09 © Moneyextra.com