Lloyds TSB enters agreement with N. Rock
Lloyds TSB said on Thursday that it had entered a three year agreement with Northern Rock, under which certain Northern Rock customers coming to the end of their fixed rate period on their mortgage can switch to a Lloyds TSB mortgage.
Lloyds raises writedown on risky assetsLloyds said the deal would help it to accelerate new business growth in a low risk manner and would also help Northern Rock to reduce the size of its balance sheet.
Helen Weir, group executive director, UK retail banking for Lloyds TSB said; "This transaction is great news for all the parties involved and is an innovative example of how we continue to deliver on our organic growth strategy and maintain the high quality of our mortgage book.
"The agreement offers Northern Rock customers a fast-track process to switch mortgage providers. Crucially, it will greatly reduce the uncertainty involved for customers who choose to switch providers and gives them peace of mind in the current uncertain market conditions.
Under the agreement, selected Northern Rock customers coming to the end of their fixed rate term would be able to switch to one of Lloyds fixed rate products.
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