Northern Rock cut a scandalous 0.15% from Nov 1st

Debs12

Trollfever wrote: »

Why should the taxpayer help folks who did not understand this:

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured against it.

Eh why should the taxpayer help banks? Which has done not just NR.

Again if the govt hand not helped this market NR would be sold to someone or somebody who proabbaly who want to run it as a business.

The current business plan is flawed....

bilbob_2

Trollfever wrote: »

Why should the taxpayer help folks who did not understand this:

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured against it.

I really wish the people who post things like this would read the other posts in this thread, particularly the long ones, like mine on the last page, which answers your question very well indeed.

N.B. also signed.

Noz

Leon_W wrote: »

Which begs the question Noz, why are they offering rates from 5.49% fixed for new borrowers if NR do not want mortgage business ?

You would have thought that they'd close to new business if they didn't want any, not offer a half competitive rate.

Presumably the question is rhetorical?

zeethat

Northern Rock Directors Penalise Loyalty - with 0.15% rate cut.

It is without doubt an utter disgrace that the Northern Rock are allowed to treat their Loyal Customers with seemingly utter contemptness.

Why are those Loyal Customers being made to pay for the undisciplined way the Company has been run.

The Government have to be made to step in and right this wrong and ensure Northern Rock do not dish out this injustice to the people that are now suffering because of their failings.

We need to seek Government assistance to tackle the Directors of Northern Rock over this issue and would urge all those that are concerned to lobby No10 immediately.

http://petitions.number10.gov.uk/nr-rate-cuts/

Unfortunately those with a loan to value ratio of 90 per cent plus are unlikely to find a better deal elsewhere at present and will have no option but to carry on sitting on the books of Northern Rock and paying a high price just to keep a roof over their heads.

Northern Rock Directors must not be allowed to penalise any Customer let alone the Customers that are maintaining their mortgage account’s impeccably but who are not in a posistion to look elsewhere at the moment, these actions are an injustice to thousands of Loyal and long standing Customers and it must not be allowed to continue.

Zee

sihibbs

For the 'I'm alright jack it's your own fault people' even you must realise that families defaulting on thier properties in this manner is not good for either the social or economic state of the country.

So even from your selfish point of views the detrement in these areas will eventually impact you too. Think about it.

Many are now forced into this situation of not being able to move mortgage but being stuck paying more than everyone else - this is the main aspect which is wholly unjust. The government are desperatly trying to influence the banking system into a better situation for all, yet one of the main culprits in the downfall in the UK, now state owned is doing nothing but exasperate the problems.

About time some common sense was applied and direct action taken to pull the financial system into line.

curs82

Trollfever wrote: »

Why should the taxpayer help folks who did not understand this:

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured against it.

No worries, when people lose their homes due to this and housing estates are being built on your doorstep to home those who are homeless with children and "your" tax money is being spent on that instead of helping people keep their homes, then see if you feel the same way.

Debs12

Noz wrote: »

Presumably the question is rhetorical?

No NOz this is the really strange bit ,in thart NR is still open for new business but treat current customers like something to be trod on...

Deals for new customers. No deals for current.

Pay back the govt loan back quickly so the govt can give the money to the other banks...so the other banks an keep their deals low.

Oh other part NR make as many people homeless as possible so the Govt can put them in homeless accomodation that costs a fortune!! Fab!!

Madjock

Leon_W wrote: »

The very government owned bank that made an emergency cut in interest rates of 0.5% has said it will cut its' SVR by 0.15% !

That's really kicking the most hard up sector in the whole mortgage market. The rate will "fall" to 7.34%. An absolute discrace.

Regards

Think yourself lucky, there are people paying more than 7.34% out there. You would have gotten all of the information about svr when you applied for the mortgage and when you got your offer. I pay 9% on my current svr, which will drop to 8.5% now. I didn't expect when I got my offer to have to stay with this lender on their svr, but that's life.

Sounds harsh, but no sympathy here. The taxpayer is paying to keep NR afloat so bleating about how much your mortgage is costing you will brook very little sympathy from anyone.

neverdespairgirl

zeethat wrote: »

petition snipped

My personal view is that any such petition should be written with great care. It should be concise and precise, and have good spelling, punctuation, and grammar. All these help any petition be taken seriously.

Turnbull2000

sihibbs wrote: »

For the 'I'm alright jack it's your own fault people' even you must realise that families defaulting on thier properties in this manner is not good for either the social or economic state of the country.

So even from your selfish point of views the detrement in these areas will eventually impact you too. Think about it.

The only way to prevent reposessions would be to nationalise the entire housing stock. Otherwise, why would banks provide a mortgage if they knew a borrower could default yet remain in posession? Everybody would suffer, not just those who can't afford their mortgage.

Trying to put a floor under the market and controlling reposessions would be far more damaging to the long term social and economic state of the country. Reposessions are what you get with a grossly overvalued market - and the OP chose to buy into that.

And 7.X% is hardly stellar in the context of traditional rates. If you struggle with that, then you've borrowed too much. That's your responsibilty.