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Northern Rock used to have a mortgage that allows a borrower to have up to 125% of the price/valuation of the property. Northern Rock achieved this by allowing up to 95% of the property as a mortgage (secured loan) and up to 30% or £30,000 (whichever was the smaller) as an unsecured loan but with the same mortgage interest rate applied across both parts.
Northern Rock allowed overpayments without penalty, even on fixed rates. Penalties were only payable on full redemption only.
However, Northern Rock has withdrawn this type of mortgage and is lending only to borrowers who have a deposit.
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your home. Your home may be repossessed if you do not keep up repayments on