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Lender says...

Northern Rock has launched a three-year flexible fixed rate mortgage exclusively through intermediaries. The product has a rate of 5.49 per cent and a maximum loan-to-value of 70 per cent.

There is a product fee of £1995 and an early repayment charge of 4 per cent until 1 December 2011.

The lender is also offering a free valuation and free legal fees for remortgages. The maximum loan size available is £1m.

Adviser says...

Keith Jarman, director of Hampshire-based Hughes Carne IFA Ltd, said: "It is a shame it is sticking to the 70 per cent loan-to-value as it is quite an attractive rate on this current market.

"It is also a shame there is a £1995 fee but I guess it has to make the money somehow. Interest rates are expected to come down further so a lot of people are looking towards tracker products at the moment. Despite this if I had a client who was looking for a fixed rate I would certainly consider this."

Rating: 4/5 stars