Northern Rock to increase mortgage lending

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Northern Rock to increase mortgage lending

Post  DanAronG on Mon Feb 23, 2009 3:02 pm

Northern Rock is looking to increase its presence in the mortgage market with plans to make up to 14bn in new loans over the next two years, including a return to the higher end of the mortgage market with a 90% loan to value mortgage loan.

This is great news for potential mortgage borrowers as currently only one lender offers 90% LTV mortgages at much less than 7%. Hopefully Northern Rock will release some competitive products, which may in turn increase the level of competition in a currently somewhat sluggish mortgage market.

The new plan is to be funded by further government money, deposits and repayments from currently existing loans.

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