Bradford & Bingley

maka_2

With the news about bradford and bingley today what does this mean for people like me who have there mortgage through them??????? having a panic now :mad: :eek:

ad9898_3

No panic required;), you will be "urged" to find a new lender when your current deal expires, until then no worries.

maka_2

omg im not in a deal with them as we could not re-mortgage so time to panic big time:eek:

ad9898_3

Its ok, you can stay with them but the rates are likely to rise to encourage you to move aka Northern Rock have done

sillybee

We had our mortgage with BB when they decided to convert to a bank and we were given 250 shares. What we want to know is what happens to our shares if the company is being nationalised, are they bought from us or, as they have plummeted to around 20p a share, are they now worthless?

milliejo

probably - we'll just have to wait & see if the government offers anything.
whats worrying for someone like me who lives in the general locality is that Halifax and Bingley are very close and there are going to be a lot of people losing their jobs with probably not much hope of getting another

ad9898_3

sillybee wrote: »

We had our mortgage with BB when they decided to convert to a bank and we were given 250 shares. What we want to know is what happens to our shares if the company is being nationalised, are they bought from us or, as they have plummeted to around 20p a share, are they now worthless?

I think you will find they will be worthless:(

mstar

Is mortgage express part of bradford and bingley? as my mortgage is with them and due to expire the 2 year discount in march 2010, i am worried about rates etc, reading this can i assume i have no option but to go to another lender as mortgage express (owned by government??) will put rates up if i wanted to stay with them??? or will the government/new buyer try to keep us good payers of mortgages?

luckyfool

Mstar - read the terms of your mortgage. If the mortgage reverts to a variable rate that is linked to the Bank of England base rate then you will probably find that your interest rate would rise, but they could not make changes to make it less competitive. It may also have a cap on it, e.g. some lenders Standard Variable rate might not track Bank of England base rate, but do have a guarantee that it will not be more than 2% above BOE Base Rate, giving a maximum rate of 7% currently. If your mortgage has something along these lines then you have that as a safety net. Beyond that, to improve your rate further you would be likely to need to remortgage.

maka_2

milliejo wrote: »

probably - we'll just have to wait & see if the government offers anything.
whats worrying for someone like me who lives in the general locality is that Halifax and Bingley are very close and there are going to be a lot of people losing their jobs with probably not much hope of getting another

i understand where you coming from but i would rather loss my job than my house as its not to hard to get another job.

Husband_of_a_spendaholic

maka wrote: »

omg im not in a deal with them as we could not re-mortgage so time to panic big time:eek:

Have you phoned to see what alternative rate are available? Both Mortgage Express and Bradford & Bingley have customer retention teams which can transfer you onto a new fixed/discounted deal.

Even after the nationalisation they are continuing to do this as, although they would prefer you to redeem, if you can't re-mortgage anywhere else they would rather offer you a deal than see you fall into arrears.

Act quickly though, as you never know when this might be pulled.