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Northern Rock mortgages next step

Tue, 19 Feb 2008

What next for mortgage lender Northern Rock ?

With nationalisation of the company complete, millions of homeowners throughout the UK now have their mortgage with the government. News articles in the financial services media are asking – what will become of these loans and borrowers ?

Despite Northern Rock now being nationalised, homeowners will still have to pay off their loan as usual, and although the owners of the bank have now shifted, the circumstances of Northern Rock mortgage loans will remain the same.

This means that when special deals such as fixed-rate mortgages or tracker mortgages come to an end, they will revert to lender standard variable rate as usual. Experts say that Rock mortgages are unlikely to be competitive since the crisis at the bank, but the bank is still writing new mortgage business.

According to reports, the government will run the bank at arm’s length.
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