| Even though Northern Rock managed to
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| | traditional mortgage, and the remaining
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| dodge the bullet following the timely
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| | 30% is offered as a secured loan. As
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| intervention of Chancellor Alistair
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| | house prices accelerated rapidly this
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| Darling and his 'cast-iron' guarantee for
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| | type of lending has not caused concern as
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| savers funds, the criticism has
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| | the value of the property soon exceeds
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| steadfastly refused to subside, and now
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| | the outstanding loan. However, in the
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| debt counsellors are fiercely rebuking
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| | current market where price rises have
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| the bank regarding its home loans lending
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| | significantly slowed, and in some areas
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| practices and policies.
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| | gone into reverse, this is now causing
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| The counsellors believe that many
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| | considerable concern in terms of the
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| Northern Rock borrowers are set to lose
| |
| | bank's exposure and also in the prospect
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| their homes because of practices
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| | of people owing much more than their
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| involving the granting of mortgages.
| |
| | property is worth. This type of mortgage,
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| Beleaguered chief executive Adam
| |
| | particularly the secured loan element,
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| Applegarth has resolutely defended the
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| | also tends to be more expensive.
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| bank against such allegations pointing
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| | Personal insolvency expert Graham Tough,
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| out that his company's default rate on
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| | a partner at accountants Martin Aikten &
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| mortgages is half that of other
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| | Co. has dealt with approximately 4,000
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| institutions. However, his defence has
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| | personal insolvency cases over the past
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| fallen on deaf ears as debt counsellors
| |
| | five years and believes that a
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| queue up to condemn the company. Along
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| | disproportionate amount of between 10%
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| with money advisors and others that deal
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| | and 20% involved Northern Rock as a major
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| with debt and insolvency the counsellors
| |
| | creditor. He said: "I was concerned that
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| are quick to express their concern at the
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| | Northern Rock's lending for the Together
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| level and type of the bank's lending.
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| | mortgage would lead to more repossessions
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| The Together mortgage has attracted
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| | in Scotland and raised that with the
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| particular criticism as it offers the
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| | bank's legal department. Although there
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| opportunity to borrow up to 125% of the
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| | was an acceptance of the problem, it was
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| value of the property purchased. 95% of
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| | made clear to me that it was a
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| the value of the property is covered by a
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| | management-driven policy.
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