...And Half the Firm's Bosses Don't Have Mortgages at All! (1) FAMILY SEAT: Chairman Lord Ridley's Mansion (2) PALATIAL: Chief Executive Applegarth's [Pounds Sterling]2.5 M Home

The Mail on Sunday (London, England), September 23, 2007 | Go to article overview

...And Half the Firm's Bosses Don't Have Mortgages at All! (1) FAMILY SEAT: Chairman Lord Ridley's Mansion (2) PALATIAL: Chief Executive Applegarth's [Pounds Sterling]2.5 M Home


Byline: Daniel Boffey

AS NORTHERN ROCK'S 800,000 home loan customers anxiously await adecision on the future of their mortgage lender, the company's wealthydirectors face no such uncertainty.

Land Registry documents obtained by this newspaper reveal that the chairman anda clutch of senior executives do not need mortgages on their palatialproperties.

While Northern Rock's customers are concerned that the banking crisis willforce up interest rates, increasing the cost of borrowing, the troubled bank'saristocratic chairman, Viscount Ridley, should have no such fears.

Lord Ridley, 49, resides in the magnificent family seat of Blagdon Hall inNorthumberland, conservatively valued three years ago at more than [pounds sterling]1 million.He is one of at least five members of the 12-strong Northern Rock board to bemortgage-free.

Another is Sir Derek Wanless, 59, an adviser to Gordon Brown on the NHS, whocarved out a career at NatWest before being ousted in 1999 with a [pounds sterling]3 millionpay-off.

Senior director Ian Gibson, 60, bought his home outright in 2002 for [pounds sterling]625,000. …

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...And Half the Firm's Bosses Don't Have Mortgages at All! (1) FAMILY SEAT: Chairman Lord Ridley's Mansion (2) PALATIAL: Chief Executive Applegarth's [Pounds Sterling]2.5 M Home
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