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Would it be a good idea for lenders to buy back mortgages?
Comments
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I believe it has happened before. Will Google - I thought it was Northern Rock but it could be an idea for lenders to get their hands on some sorely needed money so I don't think it is as easy to dismiss as some are doing.
Again, that's why I said "say" - so that we would have something to go on otherwise I could just have said: "I've got a mortgage of £200k, I've got £200k in the bank".
Can't remember the details now, but there was something a few months ago with some lenders offering deals to some customers to get rid of them. Don't recall it being Northern Crock though.0 -
chewmylegoff wrote: »Whilst we're at it, does any one know where I might be able to purchase extra-large condoms?
I'll ask at the shop that I get my super large condoms at, but I'm not sure if they sell smaller ones, have you tried Binns?Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
I seem to remember something about this happening a few years ago, although I would suspect the lenders would be wary of people who intended to redeem the mortgage soon in any case taking advantage but those who weren't sticking with the existing product, which means they would lose out.Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0
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Barclays best tracker is currently about 2% above the rate I have so it would take them some time to make up the (say) £20k but if the new borrower stayed for 25 years then they would be quids in.0
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it's happened, but all dodgy sub-prime companies, wasn't it?...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
chewmylegoff wrote: »Whilst we're at it, does any one know where I might be able to purchase extra-large condoms?
Trojan are the only ones I've found with a good XL range
Faith, hope, charity, these three; but the greatest of these is charity.0 -
neverdespairgirl wrote: »it's happened, but all dodgy sub-prime companies, wasn't it?
Certainly that example seems to be sub-prime and I think the case I recall from a few years ago was sub-prime too. I suppose I was just wondering whether lenders might consider it a way of them:
a) Making some more money over the long term (as those very low trackers will likely never be repeated), and
b) If they are struggling to raise funds and want more custom (which I am not exactly sure they are/do) then this would be one avenue.0 -
From a quick Google, GMAC were doing this in the UK in 2009. However im pretty certain I remember reading something much more recently. It might even have been on the mortgages board on here. You may well get a better response on there.0
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BoI have been writing to customers recently offering to waive the ERC to leave but aside from the sub-prime examples I don't think anyone mainstream would be doing this.
I don't think they are having problems raising money, just finding reliable people to lend it to!
Well done on being a jammy git with a good mortgage rate Thinking critically since 1996....0
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