Northern Rock pulls its 125% LTV Together product

Michelle Slade, analyst at Moneyfacts.co.uk, comments: "It seem Northern Rock have finally given in to external pressures and pulled its high risk 125% LTV product.

"Since the 7 February Moneyfacts has seen Northern Rock reprice its whole mortgage range to an uncompetitive position compared with the rest of the market. This would appear to be an attempt to stave off taking on any new mortgage business.

"Northern Rock is at the start of a difficult journey and this appears to be one of the first of many prudent steps they are likely to undertake along the way."