Northern Rock GBP14bn Mortgage Fund
Published / Last Updated on 22/02/2009
Northern Rock £14bn Mortgage Fund
Northern Rock, the state owned bank, has announced that it has a war chest of £14bn available for mortgage lending in 2009 and 2010.
Alastair Darling, Chancellor, announced that Northern Rock had £5bn available for 2009 and £9bn available for 2010 to act as a catalyst to new mortgage lending. He said the move was part of a "series" of measures to "rebuild the banking system of the future".
However, Mr Darling confirmed that the days of 100% mortgages are gone. Northern Rock is likely to offer maximum loan to value (LTV) mortgages of 90%.
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