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Advisor Converns & Norhtern Rock
MPB_3
Posts: 4 Newbie
Hello to all, I'm hoping that someone here might be kind enough to share their knowledge with me and answer a couple of questions I am concerned about. I have recently been advised that of a Norther Rock buy-to-let mortgage and a friend in the industry has suggested that Northern Rock might be an unsafe bet as they have suffered greatly due to the recent sub-prime problems i the states. Should I be concerned?
I am a first time buyer and I've lost confidence in my adviser. We've only got to the credit check stage, will I be due him any money? Can I go elsewhere without incurring a fee from him?
Many thanks,
MPB
I am a first time buyer and I've lost confidence in my adviser. We've only got to the credit check stage, will I be due him any money? Can I go elsewhere without incurring a fee from him?
Many thanks,
MPB
0
Comments
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If the NR deal is good their own problems shouldnt affect you but they are not the only lender for First time buyers.
As regards other question you dont have to pay broker and look for a broker with a no fees option who is also independent.I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)0 -
Mr_helpful wrote: »If the NR deal is good their own problems shouldnt affect you but they are not the only lender for First time buyers.
As regards other question you dont have to pay broker and look for a broker with a no fees option who is also independent.
Thanks Mr Helpful, I've called NR direct and asked them about it and they've said that it's not something to be worried about.
I've also called a few free adviser services and they I'm going to deal with NR directly.
Many thanks.
MPB.0 -
odd they didn't mention they'd have their begging bowl out by the end of the day though. Not sure what would actually happen if they did start going tits up with regards being able to call in mortgages or not?0
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They would just sell the debt.
Mortgages that people have are their company assets.
... which is where the whole mess started in the first instance0 -
Northern Rock's problem is that traditionally they are not one of the big-boy savings banks/b socs, therefore they do not have as much in savings from which to fund lendings. With inter-bank lending drying up due to the American sub-prime scare they are more affected than the traditional companies.
Expect more to be in the same position.
I wouldn't take out a new mortgage with them unless it was fixed and I'd also be concerned they may raise the rates on all non-fixed existing mortgages.
IMHO......Debt 17 12 06 - £7700.:eek: 1st Feb 07 £6903, getting there
1st March 07 £6666 (yikes!) 1st April 07 £6329 17.8% 1st May £6085.48 21%, 1st June £5522.13 28.3%, 1st July £5194.46, 32.54%, 1st Aug £4700, 39%, 1st Sept £4411, 42.7% :j :j:j
Dreaming of Another Country Club Number 12!!!!!0 -
Following the agreement of emergency funding from the BoE
Northern Rock said today that it planned to reduce lending growth sharply in
the fourth quarter
According to press reports, borrowing under the facility will be charged at a punitive
rate of 6.75 pct.... wowAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
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Why have you lost confidence in your adviser? is it because they recommended northern rock? The adviser couldnt possibly have know that NR would need a loan from BOEI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Doesnt matter if NR need the loan or not. That is for future business and not the current deal you are looking at.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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You don't think it may be to fulfil offers already on the table?Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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