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Northern Rock launches a recruitment drive

Amid signs that Northern Rock is looking to get back into the UK mortgage market the company has today announced a recruitment drive after a call from Alistair Darling for UK banks to increase mortgage funding. The Northern Rock currently offers one of the most competitive fixed interest rate mortgages with a five-year term fixed at just 4.69%.



Officially Northern Rock is currently in the process of putting together a team of specialists to re-launch the mortgage business although there is no timescale as yet. This is a marked turnaround for a business which was literally on its knees only 12 months ago with the government forced to nationalise the company to save the UK banking sector from collapse. Whether Northern Rock's re-entry into the UK mortgage market will create sufficient competition to see rates pushed lower remains to be seen but this is one of the more positive signs of late.



However, a number of mortgage companies have been accused of increasing the deposit requirement to levels which effectively strip out first-time buyers and those unable to provide the additional funding. As ever, the devil will be in the detail and we await confirmation of the "new" Northern Rock and the potential benefits for the UK public.

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