Nothern Rock!

DON79

We very nearly got a "together" mortgage from northern rock. funny thing is, they turned us down which am glad about now but at the time it felt like a disaster as we wanted to buy a house and clear debts. So I did blame northern rock for lots of additional stress and my baby came at 36 weeks due to the stress etc etc. They gave us the mortgage promise, we went and made an offer and had it accepted. then they turned around and claimed my husband had not disclosed an old default to them so they said they would not give us the mortgage. hate NR and am just really sorry that they are being such eejits about repossessing peoples homes.

deedee_3

130% :eek::eek::eek: Who ever lent them that should be hung out to dry. That is disgusting.

blind-as-a-bat_2

deedee wrote: »

130% :eek::eek::eek: Who ever lent them that should be hung out to dry. That is disgusting.

The financial industry is a law unto itself, yes there are regulatory bodies in place but they frequently do nothing or take the banks side, probebly because they are staffed by ex bank execs and run by a govermant that is run by the banks anyway.

Unless an idependant body is put in place to control them then there is no point passing legaslation, guidelines or anything else for that matter as the banks will just egnore what is never inforced.

The only time the system works now is when the public outcry is such a leval the goverment has to be seen to act

And that takes something of the level of bank charges reclaiming for that to happen

says it all really:rolleyes:

Scarlett.1974

Our mortgage with NR was one of the 'famous' Together ones :rolleyes:

We had a 120% mortgage so from day 1 were in negative equity. We were on a fixed rate for just 2 years then faced a £250 increase in the monthly payments. To be honest, we were a disaster just waiting to happen.......

I have to say though - our experience of being reposessed by them has been very different to the stories I've been hearing - it took them almost a YEAR from us making the last mortgage payment to them actually taking the house back. The refused to allow us to voluntarily surrender the house (because we refused to sign the forms) so insisted on going down the route of formal reposession, which was madness - they could have had the house back 8 months earlier and saved themselves all the court costs etc...... :rolleyes: and up to literally the very week it went to court we were STILL getting letters from them, pleading with us to get in touch...... that we could come to some 'arrangement', that they wanted to help.

Broken_hearted

Hang on if your going to lend 130% of the value you have to have someone who wants to borrow that amount. No-one is forcing them to borrow stupid amounts. Whilst its sad people are losing their houses, they are losing them because they arn't making the payments.
We are all in the same situation at the moment (financialy screwed) and its going to get worse before it gets better.

k2nga

To be fair and with house prices going up at such a quick rate i suppose you would think that it would not be long before the value of your property went about the 30% extra you borrowed. I think what everyone forgot was that "what goes up must come down"

blind-as-a-bat_2

Broken_hearted wrote: »

Hang on if your going to lend 130% of the value you have to have someone who wants to borrow that amount. No-one is forcing them to borrow stupid amounts. Whilst its sad people are losing their houses, they are losing them because they arn't making the payments.
We are all in the same situation at the moment (financialy screwed) and its going to get worse before it gets better.

You have to admit though BH offering a loan secured on property (or mortgage) that is 30% higher than the value of the securety was irrisponsable lending at its worst, and NR has payed the price for being so stupid, yes you still need someone to sell it too, but it should never have been offered in the first place.

Its nice to know the banks are as daft with money as the rest of us though:p :rotfl:

blind-as-a-bat_2

k2nga wrote: »

To be fair and with house prices going up at such a quick rate i suppose you would think that it would not be long before the value of your property went about the 30% extra you borrowed. I think what everyone forgot was that "what goes up must come down"

Yep NR certainly never thought of that:p

maxmycardagain

if NR has 4000 houses - lets say £150K each, thats £600M, let em flog em off and repay HMG for the loan...

maxmycardagain

deedee wrote: »

130% :eek::eek::eek: Who ever lent them that should be hung out to dry. That is disgusting.

it is BUT lending 5 times a salary is even worse....