The extensive Northern Rock residential and buy-to-let mortgage range has seen its number of products cut by over two thirds, in its first product change since seeking emergency funding from the Bank of England.

The change simplifies the range in two ways; first the volume of product choices has been drastically reduced, and secondly the products have been simplified with the complete withdrawal of its cash rebate scheme.

The general trend is the removal of the lower loan-to-value ("LTV") products and exclusive intermediary and direct deals, but still retains its full range of percentage fee products (ranging up to 3.5%), and its fixed rate Together deals at 125% LTV.

With minimal change to pricing and the retention of the higher LTV products, this is certainly not a change that indicates that Northern Rock is changing its risk profile. The move towards more of a one size fits all product structure, by simplifying and streamlining products, brings the Northern Rock range more in line with the rest of the market and is more of a sign that it is looking to reduce operational overheads rather than anything more sinister.