Northern Rock mortgage rates cut for FTBs

Fixed-rate mortgages at an 85 per cent loan-to-value have been cut by up to 1.2 per cent, with the rate on the bank's Everyday range of two-year products down to 5.49 per cent and five-year mortgage rates reduced to 6.49 per cent.

Both of these rates are applicable to those who pay a product fee. Without this fee, they stand at 5.99 per cent and 6.99 per cent respectively.