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Northern Rock offers mortgages to existing customers

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by Gill Montia

Northern Rock is once again offering mortgages to existing customers.

The move follows a gap of well over a year during which period borrowers coming off fixed deals either reverted to the Rock’s standard variable rate or were forced to go elsewhere.

The nationalised lender is strictly interested in retaining its best customers and only those with at least 25% equity in their homes and sound credit histories need apply.

The bank is, however, considering extending its offering to those who need 90% loan-to-value mortgages.

The Government is understood to be keen to offload Northern Rock this autumn with a plan of sale that involves the lender being split into two: one good and one bad bank.

The latter would remain in government hands and the decision to offer mortgages to selected existing customers could be aimed at improving the bank’s loan book and making it more attractive to potential bidders.

Last week, The Times reported that Tesco had expressed an interest in a sale.

The retail giant has already made clear its intention to expand into retail banking and has plans to launch a current account next year.

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News posted: July 6, 2009

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