Wednesday, Nov 26, 2008
Northern Rock hikes mortgage rates
Yahoo: Northern Rock hikes mortgage rates
State-owned lender Northern Rock (LSE: GB0001452795.L - news) has ignored government calls for
banks to drop mortgage rates in line with the base rate by raising the cost of some of its fixed-rate deals.
Posted by mark @ 04:20 PM (358 views) Add Comment
1 Comment
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1. jack c said...
I added this to titanics earlier post on the same subject
1. jack c said...
The thing that concerns me most in all of this is the fact that Government ministers clearly do not understand the basics of the mortgage market or the workings of it.
One minute they are running down the mortgage book at NR to pay off the Gov loan, stabilise the company and get it fit for a return to the private sector and the next they are insisting NR return to it's previous lending pattern - cant have it both ways
Finally NR should not have promoted a market leading Fixed rate product of 3.99% - what were brokers expected to do? ignore the best fixed rate on the market by a Gov backed institution. It would be fairly obvious to David Blunkett in a darkened room that this rate would attract volume business and subsequently have to be replaced with a higher rate.
Wednesday, November 26, 2008 04:32PM