Tuesday 25th July 2006
Loans company Northern Rock has reported an increase in borrowing over the first half of the year, it has announced today (July 25th).
The lender, which specialises in secured loans to individuals with good credit records, has said that there has been strong demand for re-mortgaging within its target group and so its share of the UK mortgage market has grown.
Unfortunately for the lender, this sudden growth means that the FTSE100 companys profits are down, but it is good news for its longer-term forecast.
This reflects observations made elsewhere in the industry that re-mortgaging is up.
This has been put down variously to the expiry of ten-year fixed-rate deals, the increase in individuals seeking debt consolidation loans, or the boom in buy-to-let purchases.
Northern Rock claims to be the 8th largest UK bank and one of the most cost efficient UK mortgage lenders, according to key performance ratios.
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