The Government has told Northern Rock it should no longer attempt to get rid of mortgage lenders, as part of its latest package of measures to support banks and help borrowers.
However, with the Government now supporting increased mortgage lending, the firm reveals it would be slowing down the rate of mortgage redemptions.
In a statement it says: "This means that more mortgage customers will be able to stay with Northern Rock. A reduced level of redemptions will lead to Northern Rock repaying its loan to Government at a slower rate.
"The company will continue to work closely with the Government in reviewing its business plan. A full statement will be made in due course once the strategic review is complete."IFAonline
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