Rock sets out new range
Northern Rock has seen the number of borrowers in arrears soar in the first quarter as its mortgage book shrinks.
It says mortgages with arrears of three months and over were 0.95 per cent at the end of April compared with 0.57 per cent in December 2007.
The firm says it has strengthened procedures on mortgage arrears capitalisation. It previously had a policy to let some borrowers have payment holiday of up to six months.
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