Northern Rock Latest News
15.06.2011 Chancellor George Osborne has confirmed that he is going to try to sell Northern Rock to a single buyer. The auction of Northern Rock is expected to raise about £1bn, which is less than the £1.4bn the government injected into the bank, although not all of it is to be sold. The former mutual has been split into a "good bank", containing customers' savings and about 70 branches, and a "bad bank" containing the more toxic loans. Only the good bank will be sold off initially. Bids are likely to be received from Yorkshire Building Society and from Coventry Building Society and other possible bidders include Sir Richard Branson's Virgin Money, Tesco Bank and NBNK.

Northern Rock Financial Results Year Ended 31/12/2010.
For the twelve months to 31 December 2010, the Company reported an underlying loss of £232.4 million.Gross residential lending (including retention business) was £4.2 billion in the twelve months to 31 December 2010 and net residential lending was £1.9 billion. Mortgage balances at 31 December 2010 were £12.2 billion, 18% higher than at the start of the year. The average LTV of new lending in 2010 was 62%. Residential mortgage accounts over three months in arrears totalled 197.Retail deposit balances were £16.7 billion at 31 December 2010, compared with £17.6 billion at 30 June 2010 and £19.5 billion at the start of 2010.

Northern Rock Profile
Northern Rock started life as the Northern Counties Permanent Building Society (1850) and Rock Building Society (1865). On 1/10/1997 Northern Rock joined the stock market and the 800,000 members each received a windfall of at least £2,150.
The Northern Rock was nationalised on 22/02/2008.

For the year ended 31/12/2009 Northern Rock made a statutory full year loss before tax of £257.5 million
For the year ended 31/12/2008 Northern Rock made a loss of £1309.7 million.
Quarter 1 2009 Trading Statement
Gross loan outstanding to government £14.6 billion
Net amount outstanding to government £9.8 billion
3,200 properties held in possession
3.67% residential arrears 3 months or over (2.92% 31/12/2008)
Average loan to value of new lending in 1st quarter 48%
Gross mortgage lending in 1st Quarter £550 million   
Northern Rock subscribes to the banking code and is a member of the financial services compensation scheme.

Northern Rock product range
Northern Rock provides savings accounts, mortgages and loans. The savings accounts on offer from the Northern Rock include e-saver, fixed rate bonds, isas, silver savings, branch saver, current account and tracker online.

northern rock savings accounts,mortgages,loans