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20-01-2009, 08:20 AM
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Northern Rock’s new initiative could kick-start frozen housing market
The Chancellor of the Exchequer, Alistair Darling, has decided it is not appropriate for Northern Rock to continue to shrink its activities. The nationalised bank has made substantial repayments to the government for its £26.9bn loan made in February 2008, and is ahead of its repayment schedule.As part of the government’s strategy to free up [...]
More: Northern Rock’s new initiative could kick-start frozen housing market 
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20-01-2009, 04:53 PM
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I think it could be a little entusiastic to think that this action will 'kick start' the housing market.
I also dont think it is necessarily correct to say that Northern Rock borrowers, whom have not been offered new deals have been putting pressure on other lenders. Other lenders have simply refused to take on the new customers unless it has suited them and many current Northern Rock borrowers have simply been forced to sit on their Standard Variable Rate.
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