According to reports in the mortgages news, one out of every five Northern Rock mortgage customers could face negative equity this year if house prices continue to fall.
Reports indicate that one in 20 borrowers with the troubled lender now owe more than their home is worth. Northern Rock is attempting to encourage their borrowers to remortgage elsewhere.
For many customers, particularly those who took out Northern Rock Together mortgages (up to 125 per cent of property value), the credit crunch is making remortgages impossible.
Customers at Northern Rock may therefore be tied to the lender, and find it impossible to remortgage elsewhere. Last week, Northern Rock announced 1300 redundancies.
20 per cent Rock mortgages could hit negative equity
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20 per cent Rock mortgages could hit negative equity
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