Northern Rock

By: EconomyWatch Content   Date: 4 November 2009

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EconomyWatch Content

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EconomyWatch, Content Team

 

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Northern Rock is a UK-based bank offering a range of savings and mortgage products. It is one of the UK’s best five mortgage lenders, in terms of gross lending. The bank has an extensive network of 70 branches, besides its robust Internet, telephone and postal banking services.

 

The bank has been under public ownership since 2008 and is authorized under the Banking Act 1987. It is listed in the London Stock Exchange and regulated by the Financial Services Authority.

 

Northern Rock: History

In 1965, an historical merger between the Northern Counties Permanent Building Society and the Rock Building Society in the UK resulted in the formation of the Northern Rock Building Society. It amalgamated with 53 building societies before getting converted into a public limited company. During this time, the company also founded their charitable body, the Northern Rock Foundation.

Northern Rock: Products and Services

Here are some attractive financial products and services offered by Northern Rock:

 

Savings: Besides their comprehensive range of savings products, the bank also offers savings pledge for retail customers. This involves sending timely notifications about changes in interest rates, or informing about new product launches that are related to the ones the customer already possesses. The bank also sends regular notifications to customers about any modifications in the terms and conditions of their accounts.

 

Residential Mortgage Lending: Northern Rock serves residential mortgage customers with sound credit history. The bank’s assets are spread throughout the UK. It has associated with the UK financial intermediary market to source most of its new residential mortgage business.

 

Insurance Products: Residential customers can also benefit from the household insurance and payment protection insurance products offered by the bank. It has associated with Legal & General, a Britain-based financial services company, to provide a range of life assurance products.

 

Personal Secured Loans: These are available for the mortgage customers of Northern Rock. Customers have the benefit of keeping the repayments low by spreading the loan over a longer term. You can seek a loan of any amount, starting from £3,000. Personal secured loans allow you to release cash when required.

 


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