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Northern Rock's loan book
Thursday, 21 Feb 2008
The taxpayer now owns a mid-sized mortgage bank. What have we got? And is its asset portfolio as "good" as Alistair Darling says?
We own about £86bn worth of mortgages, £7.8bn of unsecured loans and the lender's 72-branch network and Newcastle head office.
For the six months to June 2007, its total assets amounted to £113bn. It also has £7.8bn of unsecured loans.
Of those, roughly £85m were already defaulting at the half year. The mortgage book is safer but still risky as it has the industry's highest loan-to-value (LTV) ratio, which measures how much of the property's value the bank extended to the buyer. The lower the figure, the more secure the portfolio.
The figures show that Northern Rock sold £3.3bn of mortgages with an LTV of more than 90pc, just as the market peaked, and its average LTV in those six months rose to 78pc.
It offered mortgages of up to 125pc of the value of a home, while £6.2bn is in buy-to-let, a market considered so risky it has virtually shut down.
Source: http://www.telegraph.co.uk/money/main.jhtml?xml =/money/2008/02/19/cnrock619a.xml
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