Scotsman Exclusive: Don't Bank On Us, the Rock Advises Thousands of Customers
The Scotsman › February 20, 2008
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Summary
NORTHERN Rock is advising hundreds of thousands of its mortgage customers to take their business elsewhere, as it tries to secure its future by encouraging savers rather than borrowers.
The Scotsman has learned the bank is taking the highly unusual step of telling mortgage holders it is "unable to offer a competitive deal" when their fixed-rate period expires. It is even offering to help them find another loan company in an attempt to reduce its lendings.See the full content of this document
Extract
Scotsman Exclusive: Don't Bank On Us, the Rock Advises Thousands of Customers
The move emerged as the government faced a backlash from opposition parties and a revolt from the finance industry over its plans to nationalise the bank after attempts to find a private buyer failed.
Northern Rock, Britain's fifth-largest mortgage lender,...See the full content of this document
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