We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Nothern Rock
Comments
-
just because NR have borrowed money to secure future lending from the BOE does not mean its a sinking ship. They would have to borrow that money from somewhere initially to trade anyway.I 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 -
If enough people take their money out (and according to the news, they're queuing down the street), then it'll go under.Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.730 -
Dithering_Dad wrote: »If enough people take their money out (and according to the news, they're queuing down the street), then it'll go under.
How do you come to that conclusion?
Nigel0 -
Dithering_Dad wrote: »If enough people take their money out (and according to the news, they're queuing down the street), then it'll go under.
Indeed, it becomes a self fulfilling prophecy.
The trouble of course is very few people have any faith in the people saying "don't panic, everything is OK"."The way to get started is to quit talking and begin doing." - Walt Disney0 -
Well what will be will be, one organisations losses will turn to anothers gain no doubt.I 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 -
If it loses consumer confidence, then it'll have a rocky ride for quite a while, then some other bank/building society will simply take it over.Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.730 -
Barclay borrowed money to bridge their funding from the bank of england last week or the week before I can't remember, and I dont recall seeing such a fuss about that....I 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 -
MortgageMamma wrote: »just because NR have borrowed money to secure future lending from the BOE does not mean its a sinking ship. They would have to borrow that money from somewhere initially to trade anyway.
But NR has borrowed at the BoE's punitive rate, which is at least (we don't know how much more) 1% above the base rate.
If they have to rely on this they will need to raise their rates to be able to offer loans.MortgageMamma wrote:MortgageMamma Barclay borrowed money to bridge their funding from the bank of england last week or the week before I can't remember, and I dont recall seeing such a fuss about that....
Barclays used the Standing Lending facility, Northern Rock has used the BoE as a lender of last resort. A big difference.
The last time the BoE acted in this way was over 30 years ago according to Reuters.
http://www.reuters.com/article/bondsNews/idUSL14774919200709140 -
Dunstanh - ''Well that is just daft - The amount of misinformation about NR at present is just stupid. If people actually choose to learn the facts (i.e. read the articles properly) they will see that there is no problem with NR about from its ability to fund new deals or new deals at decent rates.''
It's a shame you didn't read my post properly since I actually said that NR aren't at risk of going bust.
Then, in a completely separate paragraph, I've said I don't personally recommend them because of their poor customer service - not anything to do with financial stability. If other people have had better service with whatever product they've bought - great - it's good to get a wide spectrum of experiences and views before selecting a product.
Seems you're the only one on this thread that can't read properly though....0 -
The chancellor of the exchequer has stated today that its been 30years since a bank has been in as much trouble as NR.... says it all
Liar loan anyone? you dont need to pay it back
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards