View more on these topics

Northern Rock and Lloyds TSB enter mortgage deal

Northern Rock has entered into a three-year commercial agreement with Lloyds TSB Bank to provide mortgages to Northern Rock customers approaching the end of fixed rate periods.

Under the agreement Northern Rock will write to mortgage customers who meet certain credit criteria to offer them the opportunity to apply for a Lloyds TSB fixed rate mortgage product.

The new process is expected to commence in July 2008.

Customers who choose not to apply for a Lloyds TSB mortgage retain the option to stay with Northern Rock or to look to the market or their mortgage broker for an alternative deal.

Northern Rock says the arrangement with Lloyds is likely to require around 100 existing staff who may otherwise have been made redundant.

Northern Rock executive chairman Ron Sandler says: “We have already reported solid progress against our business plan, including meeting our planned target for mortgage redemptions, as we continue to repay the Bank of England facility. This new agreement with Lloyds TSB improves our ability to manage our mortgage redemptions and I am delighted that it has been concluded.

“It also gives some of our customers an additional option to consider when seeking to transfer to another lender, and under this arrangement they will be able to do so in a smooth and simple manner using our dedicated mortgage review service.”


What exactly is product innovation?

By Fiona Tait, Pensions Specialist Ros Altmann reportedly hoped for more product innovation following pension freedom¹ and, according to one poll, 66 per cent of advisers also believe that providers should be doing more². This article considers whether there is a real client need for new products, or whether we should be focusing our attention on efficient delivery […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm