There is no need for anyone who has a mortgage with Northern Rock to worry, one expert has said.
Rachel Lacey, editor of the Moneywise Magazine website explained that the recent nationalisation of the troubled bank should not cause borrowers too many problems.
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She said: "It’s just the case that when the time comes around for them to remortgage they need to shop around across the whole of the market."
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Ms Lacey added that savers should not be overly concerned about recent goings on as it was "shareholders that have suffered really".
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The ongoing saga underlines the risk of investing in the shares of a single company, she concluded.
Following the announcement that the bank is to be nationalised Northern Rock issued a statement via its website stating that it is conducting "business as usual".
The crisis at the Northern Rock began when it was forced to borrow emergency funds from the Bank of England which sparked a run on the bank as savers withdrew their money amid fears of a collapse.
Date: 20th, February, 2008
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While this website is checked for accuracy, we are not liable for any incorrect information included. We recommend that you make enquiries based on your own circumstances and, if necessary, take professional advice before entering into transactions.
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