Why are northern rock not offering deals to existing customers?
Because they have to pay back billions of pounds to the Government. They are doing this by not offering deals to existing customers. This causes those customers to find a deal elsewhere, which results in the paying off their Rock mortgage. Rock can the use this money to repay the Government. Also, because they are being backed by the Government they can’t be too competitive. If they were others would complain that they were abusing the fact that the Government would bail them out.
