NR plans to cut its volumes by £40bn

Bettelley, Clare
March 2008
Mortgage Strategy;3/10/2008, p7
Trade Publication
The article reports on the plan of the British government-owned bank Northern Rock PLC (NR) to reduce its gross mortgage volumes by £40 billion in the next three years. In line with the plan, the bank is rebroking its existing business and is sending letters to existing customers that make deal expiry dates clear. Meanwhile, one broker said NR's statements may be misunderstood by average brokers as requests for them to exit their loans.


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