Northern Rock is a bank in UK which is based at Regent Centre in Newcastle formerly known as the Northern Rock Building Society. The bank was formed in the year 1997 when the society floated on the London Stock Exchange. The name Northern Rock has been associated with two companies; Northern Rock plc that is the bank and a separate asset company known as Northern Rock (Asset Management) plc.
In terms of the total lending in the UK, Northern Rock ranks among the top five players in this field. Apart from mortgages, the bank also provides savings accounts, loans and insurance. The bank holds and services savings account, some pre-existing mortgage accounts, and some wholesale deposits and also offers new mortgage lending. The asset management company holds and services the remaining pre-existing residential mortgage book. It does not take any deposits. It also holds all pre-existing unsecured loan accounts and the old Northern Rock’s pre-existing wholesale and subordinate debt instruments.
This is a synopsis of the different types of products available with Northern Rock. It provides savings accounts. This account can be accessed online 24/7. It offers fixed rate bonds that offer security for a fixed term and cash individual savings accounts to save tax each year. It offers mortgages and helps new customers with the whole process. It provides home insurance in collaboration with HomeServe and life insurance along with Legal and General.
The bank has over 70 branches and provides the option of providing services via the telephone and the internet. It keeps it customers updated on the latest trends in the market. It gives them a two months’ notice period of any reduction in interest rates, two months’ notice period informing them about any changes in the terms and conditions of their accounts and gives them a year’s notice period regarding variable rates accounts.
To get the cheapest loans and mortgages, compare Northern Rock offers with other banks in the UK.
