The Northern Rock debacle threatens thousands of homeowners with a significant rise in mortgage repayments, according to Moneynet.co.uk.
The news follows yesterday’s announcement that Northern Rock is withdrawing its Together range, which offers a combined mortgage and personal loan aimed at first time buyers. Moneynet.co.uk says Northern Rock’s desire to get rid of non-conforming customers will mean many will be unable to remortgage elsewhere or will be forced onto the expensive Standard Variable Rate (SVR). The website claims many customers with a history of adverse credit, high loan to value or with self-cert incomes will not be able to renew their mortgage at Northern Rock when their current deals expire. Richard Brow...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
