Bradford and Bingley Default

Radiantsoul

phil1873football wrote: »

Erm...I hope I dont take this in a total different direction. But my mortgage is with Bradfor and Bingley through Mortgage Express...do these developments have any repurcussions for me. I have never missed a payment in the 2yrs I have been with them and I am on a 5yr fixed, but my property is in negative equity due to the fall in house prices. Its not a huge amount, I owe around £70k but my house is valued at around £65-68k at this current time

Can anyone shed some light on any problems this may create for me either now or in 3yrs time when my current fixed rate ends???

Any help would be great as reading all these posts has made a little concerned.

Cheers

Just carry on paying. By the time your fixed rate ends you may very well find that the mortgage has been sold. But it will just be another company you are making payments too. With a five year payment record you should find it pretty easy to remortgage if the standard variable rate rockets.

I suspect B&B mortgage book will be broken up into pieces. A regular payer in a non-BTL mortgage is likely to be a desirable tranch of debt and will likely be sold on to a highstreet name.

phil1873football

Radiantsoul wrote: »

Just carry on paying. By the time your fixed rate ends you may very well find that the mortgage has been sold. But it will just be another company you are making payments too. With a five year payment record you should find it pretty easy to remortgage if the standard variable rate rockets.

I suspect B&B mortgage book will be broken up into pieces. A regular payer in a non-BTL mortgage is likely to be a desirable tranch of debt and will likely be sold on to a highstreet name.

Thanx for your help guys, jst a wee further thing...remortgaging might not be possible if house prices continue to fall (ie, may still be in negative equity by the time my term ends in 3yrs or probably wont have enough equity to secure a decent affordable deal) I am assuming I may be stuck on a variable rate for years to come...and if this SVR rockets, I may not be able to afford payments if it goes to say 10-15%, then am up sh*t creak

Mind you, I guess I might be better off in this situation if I am with a lender whos owned by the Government rather than a privately owned lender....altho I aint sure these days.:rotfl:

Generali

mystic_trev wrote: »

Hi Generali

Trust you and yours are all having a great time out there. Good to hear about your Job(s)

Just thought i'd better warn you to avoid those 'dead' people shopping down at Grace Brothers!

http://news.bbc.co.uk/1/hi/world/asia-pacific/8071299.stm

26,000 dead people got cheques according to the ABC at lunchtime. TBH the public sector out here is slightly more useless than in the UK although there is less of it so it doesn't have the same impact overall. What there is is hopeless though. EG:

Centrelink (the people that pay out dole etc): Your son's vaccination record at Centrelink shows he's not up-to-date so we'll stop his pre-school payments if you don't catch him up.
Mrs Generali: He is up-to-date. He got his jab last week.
Centrelink: Not according to our records.
Mrs Generali: Talk to his Doctor. She did the jab last week.
Centrelink: I can't do that.
Mrs Generali: Ok, Mr Generali works round the corner from your office, he'll drop in the evidence.
Centrelink: We can't accept that.
Mrs Generali: Well what can I do?
Centrelink: The record we hold must show he is up-to-date or payments will stop.
Mrs G: You won't let me prove it though!
Centrelink: Our records must show he's up-to-date
Mrs G: How can I do that if you won't find out and won't let me show you?
Centrelink: Our records must show he's up-to-date
Mrs G: What should I do?
Centrelink: Our records must show he's up-to-date
etc

The payments were stopped. My son has been fully vaccinated in the manner recommended by the NSW Dept of Health.


Grace Bros is no more - it's been absorbed into Myers sadly :-((((.

I am having a great time. I find out tomorrow or Monday whether I will become a Uni economics tutor. I've also been asked to apply for a job running a hospital slightly bizzarely.

Radiantsoul

phil1873football wrote: »

Thanx for your help guys, jst a wee further thing...remortgaging might not be possible if house prices continue to fall (ie, may still be in negative equity by the time my term ends in 3yrs or probably wont have enough equity to secure a decent affordable deal) I am assuming I may be stuck on a variable rate for years to come...and if this SVR rockets, I may not be able to afford payments if it goes to say 10-15%, then am up sh*t creak

Mind you, I guess I might be better off in this situation if I am with a lender whos owned by the Government rather than a privately owned lender....altho I aint sure these days.:rotfl:

Well you are not really going to be much worse off regardless of who owns the mortgage. I doubt B&B mortgage book can be sold off "en mass" as it has very different risk profiles. But if you have made all payments for over a year, are not renting, aren't bankrupt, etc you are likely to end up in a "good book" debt sale.

There may possibly be an advantage if the lender wants rid of you at some point they may offer you a deal to go. Probably unlikely, but you never know!

ilovelorrainekelly

phil1873football wrote: »

Thanx for your help guys, jst a wee further thing...remortgaging might not be possible if house prices continue to fall (ie, may still be in negative equity by the time my term ends in 3yrs or probably wont have enough equity to secure a decent affordable deal) I am assuming I may be stuck on a variable rate for years to come...and if this SVR rockets, I may not be able to afford payments if it goes to say 10-15%, then am up sh*t creak

Mind you, I guess I might be better off in this situation if I am with a lender whos owned by the Government rather than a privately owned lender....altho I aint sure these days.:rotfl:

True the bb SVR is not the best to say the least, 10-15% at least for the foreseeable future is unlikely. Just sit tight, the next few months may reveal their intentions.

Am not as convinced as the other contributor as to whether they will be bought by another lender. The bank is considered toxic and the boards of most banks would not consider it a worthwhile risk, can you imagine the reaction of the buying banks shareholders.

purch

I find out tomorrow or Monday whether I will become a Uni economics tutor.

You're first lecture is on the difference between Sovereign Debt, and the dodgy bits of paper issued by a now Bankrupt Lender whose unfundable lending book was taken into public ownership....;)

purch

can you imagine the reaction of the buying banks shareholders

They'd be just as p!ssed as the shareholders of the buying country that currently is on the hook for these 'mortgages' :mad:

Generali

purch wrote: »

You're first lecture is on the difference between Sovereign Debt, and the dodgy bits of paper issued by a now Bankrupt Lender whose unfundable lending book was taken into public ownership....;)

If I get the job (which I think I will) then it'll be teaching first years stuff they should have know before applying to do the course!

I will slip in some bon mots about crowding out and so on. On the contract they're talking about I'll initially get to teach about 300 students in my first year rising to about 600 in my second. If I go on to do a Masters and become a lecturer then it'll be about 2000 students each year that get a Generali education about The Evils of Socialism, perhaps 2,500. In 20 years that'll be 50,000 people - enough to swing a tight election.

<evil laugh>Bwaa-ha-ha-ha-haaaaaaa</evil laugh>

purch

I'll initially get to teach about 300 students in my first year rising to about 600 in my second. If I go on to do a Masters and become a lecturer then it'll be about 2000 students

.........and they complain about class sizes in this country :eek:

Generali

purch wrote: »

.........and they complain about class sizes in this country :eek:

12 classes of 25 each = 300 students. Not so bad.