Northern Rock has revealed the enhanced competitiveness of its product range has seen mortgage applications jump by 70% in March, with the average LTV of new lending just 48%.
The nationalised bank has published its trading statement for the first quarter, confirming gross mortgage lending for the first quarter was just £550m, with this representing mortgage completions in the period and not yet reflecting the impact of the planned increases in mortgage lending. Mortgage redemption rates have slowed significantly, and are running at around half the average rate of 2008. The bank said its debt management strategies are beginning to pay off, with its stock of unsold repossessed properties falling from 3620 in December 2008 to 3200 at the end of March. However, ...
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