Borrowers urged to 'look elsewhere'

22-Feb-2008

Borrowers considering taking out a mortgage with troubled bank Northern Rock should be aware that there may be preferable deals elsewhere, which should be of note to first-time buyers.

Newcastle Building Society has advised that the nationalisation of the bank could mean that property deals from the bank are not as good as would have been expected, so buyers should be sure to examine the deal on offer thoroughly.

The group has commented: "For customers currently re-mortgaging, we would urge them to carefully examine what is being offered and to read the small print – as there may be more competitive products elsewhere."

Additionally, the group notes that the announcement that the bank will scale down its operation to a sustainable size could result in job losses.

However, it concludes that it intends to create some 500 new jobs by the 2012.

In related news, the government has said that Northern rock mortgage holders will receive "no special treatment".

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