Northern Rock starts from mortgages
July 20, 2009 | Written by admin | on Mortgages , Mortgage Advertising , Sites for Mortgages , home mortgage
The market for mortgages is in crisis. To try to restart it, the UK nationalized Northern Rock bank will grant loans again, for a total of 14 billion pounds. The amount of the loans will be 5 billion pounds by 2009 and 9 billion pounds by 2010.
This decision will then fill that void that was created by the mortgage crisis.
The loans to be granted, however, will not be equal to or greater than 100% of the value of the property of the mortgage itself, but up to a maximum of 90%. The aim is clearly to make sure that different people can afford to buy a house.
UK house prices fell 20% in 2008 and is expected to further decrease the same for 2009.
