Northern Rock Contact Number0843 557 5276
Reasons to Call Northern Rock Contact:
- You have a question about your account.
- Discuss your mortgage repayments.
- You want to set up a pension plan.
Useful Northern Rock Phone Numbers:
|Northern Rock||Phone Numbers|
|Northern Rock Head Office||0843 557 5276|
|Mortgages||0843 557 5276|
|Pensions||0843 557 5276|
Northern Rock Products and Services
Northern Rock is a British bank which is owned and operated by Virgin Money. To find out more, call Northern Rock phone number. The bank deals with savings, such as ISA’s and bonds, investments, including financial planning consultations, mortgages, credit cards, insurance and pensions. The company is also working on developing a range of current accounts. After the Northern Rock reputation became tarnished, the bank, under its new name Virgin Money, is taking steps to becoming a better bank, by designing customer friendly branches to make them less intimidating, by supporting local communities and creating a fundraising website that is not-for-profit.
What happened to Northern Rock?
Northern Rock’s business plan revolved around heavy borrowing, in both the UK and international markets. The bank then extended mortgages to customers based upon this borrowing, before re-selling the mortgages on international markets- this process was known as securitisation. In 2007, the demand for securitised mortgages fell and the lack of money raised from them meant that Northern Rock was struggling to repay debts. The financial markets had already anticipated that this issue would occur. In September of that year, Northern Rock received a support loan from the Bank of England, to replace the money that it was unable to raise. This loan led to panic from customers who worried that their savings would be taken away, sparking a rush to withdraw money from the bank.
By February 2008, the bank had been taken into ownership by the State. This was because of two failed attempts by other banks to take over the bank, as they were unable to promise that they would repay taxpayer’s money within three years. Northern Rock aimed to repay Government debt within three to four years, mostly by encouraging customers to take their mortgage to a different lender. They also reduced costs by laying off staff and by 2009, the bank was paying off the loan well ahead of target. By October of that year, customers were regaining faith in Northern Rock, with lots of customers opening new accounts. As it was owned by the Government, Northern Rock was seen as a safe place to put money. However, there wasn’t actually a guarantee that if the bank was to fail, that the Government would pay any more compensation than the standard amount guaranteed by the Financial Services Compensation Scheme.
In 2009, it was announced that Northern Rock would be offering £14 billion in new mortgages over the course of the next two years. The process was to be funded by an increase in the Government loan.
On the 1st January 2010, the bank was split into two parts: assets and banking. The following year, it was announced that Northern Rock would be sold to a single buyer. Later that year, Virgin Money purchased the bank for £747 million. The sale was fully completed in 2012.
At one point, Northern Rock was one of the top five mortgage lenders in the UK. It was based at headquarters in Newcastle Upon Tyne, with a call centre in Sunderland.
The company was known for charitable efforts, establishing its own Northern Rock Foundation.
Virgin Money Services
All Northern Rock branches have now been reopened under the Virgin Money brand. Here are some of the products and services that they provide:
Virgin Money has just launched its Essential current account. Benefits include:
- Free cash withdrawals at almost all cash machines on the High Street.
- Manage your account in store at Virgin Money stores and at Post Office branches.
- Earn 1% interest on the balance in your account.
- Fair charges for a small amount of things.
If you don’t feel like the Essential current account is quite right for you, Virgin Money will soon be releasing a range of other accounts.
Virgin Money offers a range of savings products to suit all types of budgets. This includes cash ISAs, fixed term, easy access, children’s saver and limited access. Benefits of saving with Virgin Money include:
- Paying the same rate of interest, whether you open an account online or instore.
- UK based call centres.
- No introductory rates which quickly disappear.
- Access a range of special Virgin group discounts, as well as free membership to Lounges.
If you are going abroad, you can use Virgin Money to purchase currency. You can order between £150 and £2000 in a choice of 55 currencies, click and collect at a Virgin Money store or opt for free home delivery on orders of over £500. You can also pay for your travel money via card.
There are a range of mortgage products available for Virgin Money customers. Mortgages are available whether you are a first time buyer, remortgaging, moving home or buying a home to let out as a landlord. The company will help you work out how much you can afford to repay, based on your income and outgoings. If you already have a Virgin Money mortgage, you may be able to get a new deal online in just a few minutes.
It is important for you to note that your home may be repossessed if you don’t keep up with repayments on your mortgage.
Virgin Money has a range of credit cards to suit needs and budgets. They have a card whether you are looking to transfer balances to one card or make everyday purchases.
About Northern Rock
Northern Rock was formed as a building society in 1965 as a result of the merger of the Northern Counties Permanent Building Society and the Rock Building Society. However, as a national financial crisis began in 2007, Northern Rock was hit hard and was taken over by the Government. In 2010, the bank was split into two parts, assets and banking and was officially put up for sale in 2011. The sale to Virgin Money went through in 2012, and all the Northern Rock branches now operate under that name.
For more about Northern Rock or Virgin Money, call the contact number on this page.
Number Direct is a telephone directory and call routing service and is not connected to Northern Rock. The direct contact number for Northern Rock can be found in the public domain or on their official website.