Buy to Let
Northern Rock scraps two thirds of its mortgages
Northern Rock scrapped two thirds of its mortgage range, it was announced yesterday.
It is the first step the bank has taken to changing its product range since it was bailed out by funds from the Bank of England last month.
Before yesterday, Northern Rock offered 213 residential and buy-to-let mortgage deals to customers.
It will now offer around 70 mortgage deals.
Commenting on the bank’s decision, Julia Harris of Moneyfacts said: “The change simplifies the range in two ways; firstly, the volume of product choices has been drastically reduced and secondly, the products have been simplified with the complete withdrawal of its cash rebate scheme.”