NRock to make £14bn in mortgage loans

A year after being brought under the control of the Treasury, Northern Rock has repaid around £18bn worth of Government loans, which has led to a major reduction in the amount of money reaching homeowners. Northern Rock will make an additional £5bn in loans during 2009, with a further £9bn in 2010. Loans will be available for up to 90% of a property's value, but there is unlikely to be a return to mortgages of 100% or more after the Prime Minister condemned them as 'foolish' this weekend. The loans will be financed by a mix of new deposits, repayments of existing loans and Taxpayers' mo...