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Northern Rocks change of strategy yet again

Despite spending millions of pounds of UK taxpayer's money literally paying mortgage customers to remortgage elsewhere, in the aftermath of the nationalisation of the business, there has been a significant about turn over the last few days. For the first time since 2007 the Northern Rock is now offering mortgage deals to existing customers with sweeteners such as cheaper rates and cheaper set-up fees, compared to new customers. When you consider the millions and millions of pounds of taxpayer's money spent pushing customers away to competitors this is nothing short of scandalous.

Since falling under UK government control Northern Rock has been stumbling from one disaster to another and the about turn in its mortgage strategy comes at a time when the business is being primed for a sell-off. Despite the fact that billions of pounds of taxpayers loans are still outstanding, the UK government has agreed plans to lend an additional £3 billion to cover expenses in splitting up and selling on the business.

When you also consider that Northern Rock has the highest rate of repossession in the industry, despite the fact that the UK government had promised help for home owners, there is no clear strategy in any area of the business.

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