Nothern Rock!

viccig

blind-as-a-bat wrote: »

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:

Couldn't agree more, the lender needs to take a responsibility for this situation. If a young and naive couple are approaching a bank and the advice given to them is to take out a huge mortgage because the house is 'bound' to be worth that amount by the time the fixed rate is up!!

That is just bad advice and a lot of people trust these qualified and regulated individuals to give this advice.

They know what they're talking about right???

Charlie23

This sounds like us, our mortgage is 110% and was five years fixed interest. We're not even up to the fiv years and already we're having trouble paying everything. We were wondering if we could 'give the keys back' as hopefully we would cover the 110% but i just don't know if we can sell it quickly enough.
We just want to sell up and rent now as i need to give up work. It's so hard to know what to do.
We wish we'd never bought our house but hopefully in 20 years time we'll beable to laugh.

maxmycardagain

still cant see much difference between a 100% mortgage and a 120% mortgage IF you have the income, its all going to be different now isnt it....