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Northern Rock Mortgage Slash
In a move to repay government lending, Northern Rock are set to slash 60% of their home loan customer base. Since the government bailed out the beleaguered lender earlier this year, it has been holding £24bn of government funds, a figure it aims to reduce to £1bn by 2009. It aims to do this by refusing to renew loans held by current short-term borrowers when their deal expires, instead directing these mortgage holders to go elsewhere for better rates. This year somewhere between £25bn and £30bn of home loan deals will end for Northern Rock customers. Refusing to allow these borrowers further funds will reduce Northern Rock’s borrowing drastically and allow it a greater proportion of liquidity. |
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This intel was contributed by smudger
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May, 2012
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