Firstrung expert plays down Northern Rock fixed rate mortgages

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Firstrung expert plays down Northern Rock fixed rate mortgages

A range of new fixed rate mortgages from Northern Rock at 90 per cent loan to value (LTV) are not as significant as many commentators have made out, according to a representative from Firstrung.

Paul Holmes, chief executive of the specialist first-time buyer firm, pointed out that several other lenders have been offering deals at this LTV level for the past year or more, such as HSBC, Yorkshire Bank and Yorkshire Building Society.

"So Northern Rock aren't doing anything that drastic, it is just that because it is Northern Rock, it has tended to be big news," he said.

Mr Holmes stressed that the company's lending criteria has also become a lot stricter than it was five years ago, with applicants needing to have a good work record and credit score among other things.

Northern Rock announced the launch of a range of 90 per cent LTV fixed rate mortgages at the end of last month, with interest starting from 5.99 per cent and no product fee.

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