100% Mortgage Lender Northern Rock likely to be Privatised

Talks are taking place to privatise and secure the sale of 100% mortgages lender Northern Rock. At last it looks like the preferred option for the Northern Rock staff, share holders and mortgage brokers could be announced by the Chancellor Alistair Darling in the commons on Monday.

Speaking in China, Mr Brown said: “Now we’ve been presented with a report that we commissioned from Goldman Sachs and it gives us a number of options for the future.

“It’s right therefore to have the discussions with the private sector.

“All options, including public ownership, on the road to moving the firm back into the private sector are on the table and are available to the government.”

 Ever since the crisis happened 100% mortgages offered by Northern Rock have not been competitive within the market. Hopefully the new company will be able to offer a product that is still very much needed within todays first time buyer market.