In the latest news surrounding Northern Rock it has announced a cut back on the range of mortgage products they will offer. Two thirds of its mortgage product range is going to be axed in what seems to be a major product overhaul. This change is unlikely to affect the banks risk profile because it is still prepared to lend up to 125% of a properties value, something which is the root cause of its present problems. Despite the changes rates on their fixed rate and variable mortgages are likely to remain unchanged.
