RSS FeedsMortgage Changes at Northern Rock
12/03/2008
Latest mortgage news in the industry shows that mortgage lender Northern Rock has made strategic moves to pull out of the UK sub prime lending.
Since April 2007 Northern Rock were offering loan products on behalf of Southern Pacific Mortgages who are an investment subsidiary of Lehman Brothers. It is known that these changes are as a result of Northern Rocks nationalization in February.
The changes include a vision to repay 25 billion pounds worth of loans from the Bank of England by the end of this year. The intended plans also visit the increasing of its deposit base by 10 billion pounds.
The current mortgage book for Northern Rock stands at 100 billion pounds.