UK Money News
20th February 2008
Northern Rock shunning mortgage custom
Northern Rock customers are being told to go elsewhere for a new mortgage, it has been reported.
The stricken lender is pursuing the strategy in a bid to cut its loan book, according to the Telegraph.
The bank has consequently informed independent financial advisors to attempt to encourage customers coming to the end of their fixed rate period and looking to remortgage to approach other mortgage providers.
A letter sent out to customers said: "We are unable to offer you a competitive deal at this time, therefore we suggest you contact an independent financial adviser who will be able to help you find the best deal available to suit your monthly budget.
"In the meantime, if you would like any help to find a new mortgage lender, or would like to obtain a redemption statement, you can contact us."
Commenting on developments, Melanie Bien, director of mortgage broker Savills Private Finance said that Northern Rock now "just want to be a savings bank".
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