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.
Share this..
Related stories
Carers Rights In The UK Boosted By Legal Ruling
As the UK population continue to live longer and longer on average, a landmark ruling has been confirmed by the European Court of Justice which gives primary carers the same rights as disabled people. The case was brought by British woman Sharon Coleman who was forced to quit her role as a legal secretary in 2005 after she was refused flexible working hours to care for her disabled son.
The Abu Dhabi effect spreads across the world
As we mentioned in one of our earlier articles today, the Abu Dhabi government has today stepped in to bail out neighbouring Dubai with a $10 billion cash injection. This will allow the Dubai authorities to cover the redemption of a loan which is due today and also refinance and recapitalise any short-term obligations which may have initially been in danger. So what next? Worldwide stock market...
Read MoreAre art and antiques the new investment market of the future?
The Royal institution of Chartered Surveyors has confirmed that more and more investors in the UK appear to be looking at the art and antiques market, pushing prices higher and higher in the short term. It would appear that many investors are concerned about the short to medium term direction of the UK stock market and have been looking elsewhere for places to invest their funds.
Wh...
Fashion retailer New Look coming back to the market
Six years after being taken private by founder Tom Singh and two private equity companies, British fashion retailer New Look has announced plans to raise £650 million to reduce debts and give the company the opportunity to expand at home and overseas. This is the first major IPO for some time and will be seen as a barometer of investor appetite for new share issues. While the controlling parti...
Read MoreWill the threat of inflation stifle economic recovery?
While in general inflation is something which many people look to avoid, in moderation it is a vital element of any economy. However, the December inflation figure of 2.9% is still causing concern within political and financial circles because the Bank of England will need to address this problem sooner rather than later, something which could stifle economic recovery in the short term. The pro...
Read More