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Northern Rock: US firm 'misled' UK government on mortgages

Northern Rock: US firm 'misled' UK government on mortgages

Business
Media playback is unsupported on your device A US private equity company has been accused of misleading the government about the biggest sale of state assets in UK history.BBC Panorama has discovered Cerberus told the government it was planning to offer homeowners better mortgage deals before its £13bn purchase of former Northern Rock mortgages in 2016.But the company hasn't provided any new mortgages and 65,000 homeowners are still trapped on high interest rates.Cerberus denies the allegation.Many of the homeowners are mortgage prisoners, who cannot shop around for a better deal because their loans are too large or their credit rating has been damaged.TrapLisa and Mark Elkins have to pay £2,500 a month on their mortgage because th...