DanAronG
Joined: 17 Oct 2008
Posts: 103
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| Posted: Mon Feb 23, 2009 11:46 am Post subject: Northern Rock to increase mortgage lending |
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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 loans of up to 90% loan to value (LTV).
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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