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Mortgage customers with Northern Rock could be in negative equity

05/08/2008

Mortgage holders from Northern Rock could be in for some further bad news as latest reports suggest that around 20 per cent of their customers are likely to see their home depreciate in value within 12 months thus pushing their mortgage status into negative equity.

Some customers are in the unfortunate situation now where their mortgage debt is more than the current value of their home.

The impact of a negative equity situation could be worrying times for many as it may prove difficult in finding a mortgage provider willing to consider the risk of taking on remortgage.

Northern Rock has been in the recent press on a frequenting basis and it could well be doing so again in the very near future to reveal its poor 6 month performance and reductions in its loans from the Bank of England.

In addition, Northern Rock is also looking to reduce the employee base with recent press announcements of a plan to make approximately 1,300 people redundant.


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