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Northern Rock reports rise in mortgage applications
Northern Rock has reported a rise in the number of potential mortgage buyers between February and March.
The nationalised lender said that new mortgage applications were up 70 per cent during the period, buoyed by falling house prices and fresh deals introduced by the bank.
Northern Rock has ear-marked £14 billion for lending over the next two years, at least £5 billion of which will be spent this year.
The bank's chief executive Gary Hoffman said: "We have invested heavily in our debt management activities and are beginning to see some signs of improvement in early arrears."
However, the number of people in mortgage arrears has also risen, up from 2.92 per cent in December to 3.67 per cent in March.
The Rock has also become one of the first high-street lenders to join the government's new Homeowner Mortgage Support Scheme (HMS), which aims to reduce the number of repossessions.
HMS allows borrowers who are made redundant the chance to reduce their mortgage interest payments for up to two years while they sort out their finances.