Thrifty Loans

Northern Rock Bidders Line Up

The sale of Northern Rock is still up for grabs. It looked last week as though Richard Branson’s Virgin Money were on the brink of a deal, but it’s not done yet. Indeed it began to look at the start of this week as though there may be a competitive auction for the ailing bank. [...]

Continue reading...

Fears For US Credit Card Market

There are new fears for debt in the United States, with concern that $415bn of credit card debt there could be sucked into the void created by the credit crunch. Britain’s biggest bank, HSBC, has warned that it is seeing knock-on effects from US subprime mortgage business onto other consumer loans across the Atlantic. The [...]

Continue reading...

Northern Rock Mortgages Take A Dive

It should probably come as no surprise that mortgage lending by Northern Rock has taken a nosedive since it hit the headlines for having to go cap in hand to the Bank of England for extra funds in September. The bank has seen an 80% fall in mortgage lending as it has deliberately tried to [...]

Continue reading...

No rate cut hint

Kate Barker, a member of the Bank of England’s Monetary Policy Committee (MPC), feels that the turmoil in financial markets is unlikely to bring about a property price crash. It may not even stop the upward trend, she said when speaking in Southampton on Tuesday. Ms Barker is one of the members of the MPC [...]

Continue reading...