Debate House Prices
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A wander down "Cor Blimey" street.

SilasMarner
Posts: 107 Forumite


If Spain "goes bust" can it immediately recall all it's mortgage lending from it's British based Santander outlets? What happems then? The goverment guarantee scheme on U.K savings is well documented. But is anyone out there bright enough to understand the ramifications of a banks assets being called in, specifically when holding a charge over a house.
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Can they do that?????:jYou can have everything you wont in lfe, If you only help enough other people to get what they wont.:j0
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If Spain "goes bust" I really wouldn't worry too much about a call on UK mortgage loans, which would be the least of anyone's worries. It's highly likely that the whole EMU system would collapse, with a return to national currencies for many EU member countries. These currencies would likely fall in value significantly, also pushing the Euro considerably lower. That would result in significantly higher inflation in those countries, during the resultant period of deep global recession. This would naturally affect the vast majority of global economies and we could well see a collapse of financial systems and a breakdown in the whole European political system.There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...0
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worldtraveller wrote: »If Spain "goes bust" I really wouldn't worry too much about a call on UK mortgage loans, which would be the least of anyone's worries. It's highly likely that the whole EMU system would collapse, with a return to national currencies for many countries. These currencies would likely fall in value significantly, also pushing the Euro considrably lower. That would result in significantly higher inflation in those countries, during the resultant period of deep global recession. This would naturally affect the rest of the global economies and we could well see a collapse of financial systems and a breakdown in the whole European political system.
We're all doooooooomed.0 -
worldtraveller wrote: »If Spain "goes bust" I really wouldn't worry too much about a call on UK mortgage loans, which would be the least of anyone's worries. It's highly likely that the whole EMU system would collapse, with a return to national currencies for many EU member countries. These currencies would likely fall in value significantly, also pushing the Euro considerably lower. That would result in significantly higher inflation in those countries, during the resultant period of deep global recession. This would naturally affect the vast majority of global economies and we could well see a collapse of financial systems and a breakdown in the whole European political system.
I've read that this will be positive for Aberdeen house prices.0 -
I wish I had a clue what the question meant.0
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- Mortgages cannot be called in like overdrafts.
- Santander is an independent company, not owned by the Spanish Government.
- Santander UK's mortgage book is not money lent from Spain to the UK.
- Santander UK is a UK based and regulated bank that is a wholly owned subsidiary of Santander.
- The regulators would not allow a raid of Santander UK's assets that would compromise it's solvency or capital adequacy.
- If Santander were desperate to get cash from Santander UK, their solution would be to sell it off.0 -
My personal fears centre more around the fact that the Euro is on life support in effect - and that might well get withdrawn at some point next year and the Euro crashes. I would guess that might lead to all sorts of financial problems for Euro countries - and the knock-on effect from that would be Britain dips out. Reason - we are neither fish nor fowl. We have one leg in the water - as a member of the E.C. (with its free movement of labour between E.C. countries). The other leg isnt in the water - because we dont belong to the Eurozone (thank goodness!). With that our economy - weak as it is - might well act as a magnet to those in other E.C. countries.
I fear an influx of people from those other E.C. countries - starting with Southern Ireland and going on from there to include other E.C. countries:eek::eek::eek:
We have to get out of the E.C. - NOW...YESTERDAY...EVEN SOONER THAN THAT...I very much fear we will be seen as "Lifeboat Britain". Talk about being left "holding the short straw"...and for those of us in overcrowded England - double eeek!0 -
You'll probably find that Santander does 'very nicely' out of the problems faced by the Spanish Banking sector as a whole.
They are strong enough and diversified enough to be the 'last man standing' when the dust clears.'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
Thanks for your wisdom and knowledge. You know, I always thought a lender may recall it's mortgage borrowing, given notice, as laid out in it's terms and conditions. I mentioned Santander only as a thought. Interesting though, we always hear of the consequences of a "run on the bank" with queues spreading around the town. I wonder if a "run on the customer base" is ever possible - with the lender calling it's asset base.0
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