We help people who had a Northern Rock mortgage

You could be eligible to switch lenders and benefit from a better rate and pay less.

  • It costs nothing to check if you’re eligible.
  • There are no hidden fees or upfront costs.
  • Quick, simple and easy to understand the process.

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Whatever your individual requirements we have a team of experienced mortgage advisers that are on hand to help and support you.

Finance Surgery is here to help you gain a thorough understanding of the numerous options available to ‘you in particular’. You’d be right to imagine that the market is brimming with an abundance of hugely varying loans and options from a vast number of lenders. With a superb understanding of the marketplace, we’re able to analyse your specific circumstances and cross reference them with a number of optimum products.

We are happy to help and discuss your needs

We are great listeners who will never judge your situation

We provide sound advice and research

We will support and help you all the way

The impact of the global financial crisis of 2008 on mortgages

The first big wave of mortgage prisoners happened as a result of the 2008 global financial crisis. Before that, banks were prepared to offer much bigger mortgages, some as much as 125% of the property value.

Prior to the 1996 property price boom, the average price of a UK home was only £51,000. This was about 3.5 times the average UK salary, which was around £14,500.

The maximum amount you could borrow was about 4 times your salary, and you’d need a deposit of around 10%.

In the early 2000s, 100% LTV mortgages (i.e. no deposit mortgages) were common, the self-employed could self-certify their income, and banks were prepared to lend up to 8 times your annual salary.

As a result, many people borrowed heavily. With house prices rising much faster than salary growth, the gap between earnings and home values quickly grew. By 2006, the average house price was up to £160,000, but the average income had only risen to £20,400.

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After the financial crisis, the UK’s financial regulator, the FSA (now the FCA) ordered a review to tighten mortgage lending rules.

As a result of the new lending criteria, borrowers would have to pass strict affordability checks before they were approved for a mortgage. Lenders would scrutinise their credit files to be sure they could afford to meet the mortgage repayments.

When borrowers who’d previously borrowed heavily tried to negotiate a new mortgage deal, lenders turned them down. It wasn’t called the credit crunch for nothing!

Meanwhile, the Bank of England dramatically cut the base interest rate, leading to some incredibly cheap mortgages for borrowers who still qualified.


There were 2 other factors during the financial crisis that led to the creation of mortgage prisoners:

  • Interest-only mortgages
  • Mortgage lenders that went bust

Many borrowers with interest-only mortgages had little or no equity in their property when the mortgage lending rules were tightened.

Lenders like Northern Rock and Bradford & Bingley collapsed during the financial crisis and sold off their mortgage portfolios to investors, to the detriment of a higher interest rate being charged.

This doesn’t mean you cannot switch your lender though.

We specialise in helping those people who had a mortgage with Northern Rock.

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