Northern Rock withdraws 125% mortgage

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Northern Rock has announced it will be withdrawing its Together range of mortgages from 20:00 GMT tonight.

It was also revealed the Government’s proposal to nationalise the bank has been defeated in the House of Lords. The lender is the latest to withdraw a combined personal loan and mortgage product following similar moves from Godiva, Abbey and Alliance & Leicester. Northern Rock claimed that demand for the product had fallen to a negligible level and so it has decided to withdraw it. However, Northern Rock’s published half-year accounts suggest the deal had been popular, with around 24% of its borrowers opting for a Together mortgage. The news means BM Solutions is now the only lender off...

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