Distressed bank Northern Rock recorded a statutory loss of £257m in 2009, compared to a loss of £1.4bn the previous year.
The bank, which was split in two on 1 January 2010, lent £4.2bn in 2009 with an average LTV of 56%. The bank also made a pledge to offer up to £14bn of new mortgage lending in 2009/10, which it said it is on target to meet. The number of properties in possession fell to 2,061 compared with 3,620 in December 2008. Mortgage accounts in arrears by over three months, including the 125% LTV Together loans, was at 4.28% at December 2009, up from 2.92% in December 2008 and higher than the industry average of 2.38%. However, excluding Together mortgages, the three-months arrears rate fell ...
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