Northern Rock offers four flexible tracker mortgages, each with two versions. All of the Northern Rock flexible mortgage deals offer borrowers the option to overpay on their mortgage, either by making regular overpayments or paying in an occasional lump sum. Northern Rock flexible mortgage deals also allow customers to underpay or borrow back the amount they have overpaid.
Flexible mortgage holders can actually stop paying until they have used up the amount of previous overpayments, subject to conditions. However, they will need to have made overpayments of at least £500 to qualify for this benefit.
People who have a Northern Rock flexible mortgage can also take a payment holiday of a month, once they have had the mortgage for nine months. They can repeat this annually. Borrowers with a Northern Rock flexible mortgage can also accumulate three payment holidays and take them together. Mortgage holders can also make special application to take longer payment holidays from their Northern Rock flexible mortgage if they are taking a career break or having a child. However underpayments and payment holidays could increase the mortgage term and/or the total amount payable.
The first Northern Rock flexible mortgage deal is a two year tracker which is set at 1.49 per cent above the Bank of England base rate until January 2010. There is also a fee free tracker version at 1.99 per cent above the base rate. The annual percentage rate (APR) is 8 per cent. There is a product fee of £1495. An early repayment charge of 4 per cent applies to this Northern Rock flexible mortgage during the preferential rate period.
An alternative Northern Rock flexible mortgage deal is a two year fixed rate which is set at 5.79 per cent until 01/01/10. There is also a fee free version at 6.99 per cent. The annual percentage rate 
(APR) is 7.4 per cent. There is a product fee of £3500. There is no early repayment charge applied to this Northern Rock flexible mortgage during the preferential rate period which is highly un-usual.
The third Northern Rock flexible mortgage deal is a tracker for life which is setat 1.79 per cent above the base rate for term.There is no longer a fee free version. The annual percentage rate (APR) is 7.9 per cent. There is a product fee of £1495. No early repayment charge applies to this Northern Rock flexible mortgage during the preferential rate period.
Most of the Northern Rock flexible mortgage products feature a 'help with costs' option which remits a lump sum to the purchaser's solicitor. However, this sum must be repaid if the mortgage is repaid, changed or moved within a specified period. The lender also offers a rapid remortgage service which can help remortgagers to switch to a Northern Rock flexible mortgage within a month of making the application*.
Approval can be done within minutes
Generally higher set up fees then other lenders
Mortgage can be paid down to a £1 without penalty, after the early repayment period
