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Ian Griffiths Halifax - you're funny!Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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They are responsible for the mortgage adviser industry being on its knees.
Whether that makes them a bad or good company i will not judge.It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
They are responsible for the mortgage adviser industry being on its knees.
Whether that makes them a bad or good company i will not judge.
That's an interesting opinion. I've never heard that one before. What makes you say that?I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.0 -
Ian_Griffiths_Halifax wrote: »You have some good points, but I'm just saying that they have and still are a good company in my opinion.
IMO, "good" companies don't need billions upon billions of taxpayers' money to bail them out....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
I'd agree with you under normal circumstances, but they were effected by the American Credit Crunch.
Also, a much larger bank than Northern Rock went to the Government to borrow money before NR did, but that didn't get in the headline news. Once NR did, the media did it's usual trick of whipping people up into a frenzy and scaring people into a run on the bank. The problem escalated and they are still copeing and will pay the debt to the public back early.I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.0 -
The Economist doesn't entirely agree with you, on p.32 of their latest copy:
For much of this decade it expanded rapidly. All the way up to, and then beyond, the peak of the housing market last summer it helped customers pile on debt, lending buyers who could not scrape together a deposit up to 125% of the value of a property. Such loans account for about a quarter of NR's mortgage book, and they are going bad fast. Arrears on them have trebled in the past year (from 0.7% to 2.1%) and are now almost double the industry average for all mortgages....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
Northern Rock are left with a number of mortgages that other lenders don't want as they have been encouraging people to go elsewhere to be able to recoup their money to pay back 80% of receipts to the BOE. If, during the time of their mortgage, they have incurred any other Adverse Credit, they are going to find it difficult to remortgage and so those who can have and those who can't are left. That means a higher %age of their remaining Together Mortgages are likely to be arrears cases compared to 12 months ago.
It states even in the report that 0.7% were in arrears 12 months ago whereas I'm fairly certain that the average lender was something like 1.5%.I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.0
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