Signs that the credit situation may be improving came with news that a new agreement will allow some Northern Rock customers coming to the end of their fixed rate mortgages to switch to switch to Lloyds TSB. 
 
Lloyds TSB announced that it has entered into a three year agreement with Northern Rock which will give certain Northern Rock borrowers a fast track mechanism to switch lenders.  Helen Weir, Group Executive Director, UK Retail Banking for Lloyds TSB said; "It [the agreement] will greatly reduce the uncertainty involved for customers who choose to switch providers and gives them peace of mind in the current uncertain market conditions".
 
Those customers who are offered the option to switch to a mortgage from Lloyds TSB, but choose not to, can stay with Northern Rock on their standard variable rate or look to the market or their broker for an alternative mortgage deal.