According to the chancellor, troubled mortgage lender Northern Rock will start to offer new mortgage loans . The lender, which was nationalised a year ago, closed its books for new mortgage customers and even pushed customers away to try and shrink their loan book.
However, Darling has shifted the priorities for the bank in order to try and return mortgage lending to healthy levels and restructure the stricken mortgage industry in the UK.
Darling was reported on BBC Radio Four as commenting: "Foreign banks have withdrawn from the market. What I want to do is use Northern Rock to fill that gap." The news follows a call from Gordon Brown to ban 100 per cent mortgages .
Northern Rock to resume mortgage lending
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Northern Rock to resume mortgage lending
Mon, 23 Feb 2009
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