UK Money News
5th June 2008
Lloyds TSB and Northern Rock ink mortgage deal
Lloyds TSB is to take beleaguered lender Northern Rock's mortgage customers onto its balance sheets, it has been announced.
Under the terms of the deal agreed between the two banks, Lloyds TSB will take on the loans for the next three years.
The agreement will waive the requirement for an application fee for Northern Rock customers looking to switch and the valuation and legal work will also be free.
Helen Weir, group executive director of UK retail banking for Lloyds TSB said: "The agreement offers Northern Rock customers a fast-track process to switch mortgage providers.
"Crucially, it will greatly reduce the uncertainty involved for customers who choose to switch providers and gives them peace of mind in the current uncertain market conditions."
Northern Rock has recently been attempting to restore its balance sheets by cutting its exposure to the UK housing market.
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