High Northern Rock mortgage payments threaten thousands


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...

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