Friday, August 24, 2007
Where’s my cheap credit gone?!?
Northern Rock is to lift the rates on its range of fixed-term mortgages for borrowers with patchy credit histories. From 29 August, sub-prime home loans at the lender will cost up to 1.25% more. Loans that track the Bank of England's base rate will no longer be available. ...I Liked this line! 'The bank said it was not at risk from sub-prime lending, as it passes those loans to an arm of Lehman Brothers.' ...pooof, the nasty debt magically disappears!