Mortgage redemptions to slow

Story link: Mortgage redemptions to slow

The UK economy needs banks to act in the exact way that Northern Rock is planning to. Banks need to start lending to the sub prime mortgage sector again to stop house prices falling into a deeper downward trend.

Mortgage redemptions to slow

Troubled mortgage lender Northern Rock unveiled a new strategy today which will see it slow the rate at which it shrinks its mortgage book.
It means the bank will start lending to more homeowners in a bid to help kick-start the economy.