Northern Rock to offer 90% mortgages.Nationalised lender Northern Rock is poised to launch mortgages that require just a 10% deposit – or 90% loan-to-value – as lenders become more willing to take on extra risk.
In January the number of deals available to people who needed such mortgages – which were common before the financial crisis – jumped by 26%.
Northern Rock has been considering the move since 2009, when it was allowed to resume lending following its nationalisation in February 2008, and will make limited funds available for such deals. Even with lenders resuming these types of loans, the number of products is down 75% from pre-crisis levels.
The bank, which could be privatised by the end of the year, could announce the new mortgage range on Monday."
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