Northern Rock mortgages being sold?

Lois_and_CK

http://www.bloomberg.com/apps/news?pid=20601102&sid=aeTAY8.9pKMM

I just read this news story about Northern Rock possibly being split into two. The article says that it's possible that the Treasury may "sell Northern Rock’s sound assets including mortgages..." Further into the article it says "A possible buyer for the assets is Virgin Money..."

I admit I don't really know what this means, but I'm guessing it means that Northern Rock's mortgage customers might get shifted over to Virgin Money mortgages. Can anyone offer any opinions on what this means for Northern Rock customers? I have a Northern Rock mortgage that I'm stuck with, and now I'm worried that if my mortgage gets sold, will I have to reapply for a replacement with Virgin Money (if they do buy them)? I have debt and a terrible credit score so have no chance of a mortgage being approved with anyone else (but I have a new job and a new debt-free date of December 2011 so if they can just hang on till then that would be grand!)

opinions4u

Your mortgage will carry on as normal.

There may be a brand change, but no need to reapply for anything.

Lois_and_CK

opinions4u wrote: »

Your mortgae will carry on as normal.

There may be a brand change, but no need to reapply for anything.

Thanks very much for that.

:T