Northern Rock to offer 90% mortgages

mystic_trev

http://www.dailymail.co.uk/news/article-1361347/Taxpayer-bailed-Northern-Rock-set-offer-90-mortgages-bid-return-private-ownership.html

Wh05apk

If its in the Mail, it must be true!

Some brilliant reporting though: "Sources told the Financial Times that bank bosses may introduce the high loan-to-value mortgages" so basically they are copying someone elses article!

If you read the telegraph article it says: "The lender has been given permission by UK regulators to increase its highest loan to value product from 85pc, it was reported by the Financial Times. "

Time will tell...............................

nexus2011

Sky news also.

GMS

What is the problem with Northern Rock lending again? 90% is in line with competitors.

Unless NR can demostrate that it is a profitable business able to compete with other lenders it will never be sold and remain a burden to the taxpayer.

Bailed out banks need to be returned to private ownership at some point, and hopefully with a big profit to the state.

If NR continues to bumble along doing a little bit here and a little bit there it will be either sold for a pittance, or remain state owned.

I would much rather it was profitable and sold with a huge return to us, meaning a huge chunk of the deficit could be wiped off and hopefully lead to some of the ConDem cuts being shelved and people remaining in jobs.

Hadrian

Here we go again.

grogdog

Hadrian wrote: »

Here we go again.

what do you mean? in n ireland Ulster Bank have some great 90% deals available, and if the market has bottomed out then the risk to the lenders is alot lower so why shouldnt they lend 90% or even 95% at least it would get things moving again, without people having to find large deposits.

shy2011

The 90% is for FTB and NTB only. The credit scoring and affordability will be very stringent and the rate competative launched yesterday actually. Agree with the above why shouldnt they be able to come in line with other lenders.