Credit crunch hits Northern Rock

In extraordinary scenes, large amoutns of customers are queuing up outside of Northern Rock branches looking to withdraw their savings. With Northern Rock relying heavily on borrowing on international money markets to fund their mortgage lending, the current creidt crunch has hit them particulary hard. The intervention of the Bank of England earlier in the […]

UK mortgage lender folds

The fallout from the global ‘credit crunch’ continues; UK sub-prime mortgage lender Victoria Mortgages has gone into administration. While by no means a big player in the UK mortgage market, the company did sell ‘£500m worth of mortgages last year, accounting for about 3% of the overall sub-prime market.’
BBC news reports that ‘borrowers whose mortgage […]