Buying back my northern roch motgage

richardharuni

hello,
does anyone know how i could go about offering to buy back my mortgage from northern rock at 40p in the £. it's more than they're getting from from virgin and the government. is it worth trying to get support form more NR mortgage holders to make this kind of offer?

OCDOCD

Less than zero chance on an individual basis.
No idea how many people you'd collectively need to make anyone sit up and take notice, but I'd imagine it'd be a *large* number, even then it'd be doubtful for many reasons.

Jonesya

No, your mortgage is currently valued on their books at something close to £1 for each £1 you owe.

What Virgin are bidding for is the equity in the business - what's left after all the debts (owed to other banks, deposits (people's savings), Bank of England) are subtracted from the assets (eg money owed to the bank by their customers such as mortgages, personal loans, credit card debt).

The reason there's been so much delay and uncertainty is that would-be buyers are not sure just how much the assets exceed the debts. Particularly after having to borrow large sums from the BoE at penalty interest rates.

Generali

Northern Rock almost certainly don't own your mortgage any more. It will have been rolled up into a Mortgage Backed Security (MBS - a type of bond) along with a lot of other mortgages and sold on to investors.

Gorgeous_George

:rotfl:

This must be a wind up!

GG

motch

you'll have more chance of skiing on snow in death valley

dunstonh

I think it was a joke/wind up GG.