Sunday, February 22, 2009
Government desperate to kick-start housing market
Northern Rock to take on £14bn mortgages
Northern Rock is set to revive its mortgage lending business with up to £14bn in new loans by 2011, plans to be released on Monday are due to show. It is expected that Northern Rock will take on about £5bn in new mortgages this year and up to £9bn from 2010. They will be financed with money from new deposits, repayments on existing loans and more government money. Previously the bank had been encouraged to pay off its loan from the Bank of England, but this policy will now be relaxed.
Posted by little professor @ 10:16 PM (1060 views)
5 thoughts on “Government desperate to kick-start housing market”
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paul says:
All funded on freshly printed cash.
paul says:
UK in 2010
str 2007 says:
I think just to get this (yet another labour headline into perspective.
£14 billion / £100,000 ave mortgage = 140,000 mortgages
This is to be filtered in over 2 years.
140,000 / 24 = 5833 mortgages per month.
At an all time low of 30,000 per month this is an increase but not a huge one.
The terms of these loans have yet to be released.
I suspect they will be 75% LTV unless Brown can force it higher.
jackas says:
The sheeple deserve whats coming to them for being so easily duped.
shining wit says:
I offer myself to be one of the people standing on the UKs ‘grassy knoll’
If I was GB I might be getting worried that some of the extremely rich and influential people might be getting a tad worried about their own personal fortunes!
Have you put on weight Mr Brown or is that body armour you’re wearing?