Gross mortgage lending totaled an estimated £18.7 billion in October, almost 7% higher than what was an admittedly weak £17.5 billion lent in September according to new figures from the Council of Mortgage Lenders.
Following the cut in the Bank of England Base Rate on 6 November, Northern Rock will reduce its standard variable mortgage rate (SVR) by 1.5% to 5.84%, with effect from 1 December 2008.
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Northern Rock has announced its new range of fixed rate and tracker mortgage products, which are now available.
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Northern Rock has launched a range of mortgage products that includes new variable rate tracker mortgages and additional flexible fixed rate options.
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Government backed Northern Rock is reducing its variable mortgage rates following the 10 April cut in the Bank of England Base Rate (BBR).
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The Government will nationalise Northern Rock - although the move has been described as a ‘temporary measure’ by Chancellor Alistair Darling.
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Northern Rock will refresh its mortgage product range with effect from Thursday 7 February 2008, in a move to simplify it’s range by removing a number of products and fee options. In addition, end dates will be extended to 1 March.
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Sir Richard Branson’s Virgin Group has become the favourite to take over of Northern Rock after its main rival pulled out of the race.
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As the deadline for bids for Northern Rock passed, Liberal Democrat Shadow Chancellor, Vince Cable called on the Government to ensure that taxpayers get value for money.
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The Treasury committee has criticised the FSA over it’s handling of the Northern Rock crisis saying that the UK’s financial watchdog should have spotted the Northern Rock’s “reckless” business plan.
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Chancellor Alistair Darling has outlined the Government’s plans to make a private sale of Northern Rock more likely.
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