Flowers raises £15bn for Northern Rock bid - 100% mortgages lender

100% mortgages lender Northern Rock is being looked at for a take over by Mr Flowers private equity group JC Flowers.

The struggling company famous for its 100% mortgages product the together mortgage package could be brought by his bankers which include JP Morgan, Credit Suisse and Wachovia.

Northern Rocks best performing products is its 100% mortgages and buy to let mortgage deals.

He would want to persuade the credit rating agencies to maintain Northern Rock’s credit rating to avid funding problems.

100% mortgages are a high risk mortgage product that needs pricing carefully in today’s market.