AMI welcomes Northern Rock’s return to lending

The Association of Mortgage Intermediaries has welcomed the news that Northern Rock is to increase its mortgage lending, with up to £14bn in new loans by 2011.

Chris Cummings, director general of AMI, says: “It is a positive sign that the government has acknowledged the need to free up lending in the mortgage market.

“This is a first step in the process, but much more action will need to be taken. Northern Rock’s decision to open up lending channels will undoubtedly increase the options available to potential buyers and those looking to remortgage.

“We look forward to working with Northern Rock, which has historically been a strong intermediary lender. We trust their commitment will be just as strong as it re-engages in the lending arena.”