Northern Rock bailed out a second time
Nationalised bank Northern Rock has been allowed by the government to slow down repayments of its £26 billion loan.
This represents a change of plan for the struggling bank, which previously advised customers to try and switch to another bank.
Now, the bank can afford to keep its customers, allowing them to remortgage with Northern Rock rather than another lender.
This may ease the pressure on the remortgage market, making it easier for customers to find products such as bad credit mortgages.
January 21st, 2009 at 9:22 am
Hopefully this will result in the government providing some decent mortgage deals and other loans.
January 26th, 2009 at 9:20 am
Is this being bailed out, or helping mortgagees? It seems like they were criticised for doing their job too well, and are now being criticised for doing it too slowly!