Rock to slash mortgage book
Northern Rock has revealed plans to offload 60 per cent of its mortgage book at it looks to break even by 2011.
The bank says it will encourage borrowers to remortgage elsewhere after their mortgage terms expire, with the aim of reducing its balance sheet from £107bn to around £50bn.
It will limit its share of gross new mortgage lending to no more than 2.5 per cent and discontinue unsecured and commercial lending.
Last week, Northern Rock revealed losses of £167.6m for 2007 and warned that it will be ''significantly loss-making'' this year.
The newly nationalised lender said it will repay its Bank of England debt, currently at £24bn, by the end of 2010.
The bank says it will encourage borrowers to remortgage elsewhere after their mortgage terms expire, with the aim of reducing its balance sheet from £107bn to around £50bn.
It will limit its share of gross new mortgage lending to no more than 2.5 per cent and discontinue unsecured and commercial lending.
Last week, Northern Rock revealed losses of £167.6m for 2007 and warned that it will be ''significantly loss-making'' this year.
The newly nationalised lender said it will repay its Bank of England debt, currently at £24bn, by the end of 2010.
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