Northern Rock Ups Interest Rates to Cut Back On Subprime Mortgages

Summary

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HIGH STREET lender Northern Rock has raised interest charges on fixed-rate loans and scrapped its range of trackers for borrowers with an impaired credit history, in a move that effectively scales back the company's UK subprime mortgage business.

The bank, which is exposed to turbulent wholesale credit markets, yesterday raised subprime, fixedrate mortgages for future borrowers by up to one-and-a-quarter points.

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Northern Rock Ups Interest Rates to Cut Back On Subprime Mortgages

Northern Rock has been the UK's worst-perfor...

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