Enquiries about loans increase after Northern Rock crisis

Fri, 21 Sep 2007

There has been an increased interest in taking out personal loans and new savings accounts by consumers since the crisis at Northern Rock, a financial services website has said.

Figures from moneysupermarket.com show that enquiries about savings and loans have increased dramatically since the drama unfolded at Northern Rock.

Head of savings at the price comparison website Kevin Mountford has commented that mortgage requests and enquiries have also seen a surge in volume.

"Mortgage traffic rose 50 per cent and loans requests by 30 per cent," he remarked.

Consumers were not only looking at their financial options but also transacting, he noted.

Furthermore, consumers were looking at loans, mortgages and savings offered by bigger banks such as HSBC and the Halifax Bank of Scotland, he added.

However, since the government has announced its agreement to guarantee all accounts held at the institute, consumers are looking at products based on price again, Mr Mountford stated.

The problems at Northern Rock led some customers with the firm to panic and withdraw all the money in their accounts.

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