Northern Rock End of Mortgaged Deal (Merged Threads)

enay73

Well Vigilant22,

it is so clever by you then what you are saying and it's not the first time you are attacking me in some way and you want to show how perfect you are, and, you don't like people to tell you what you don't want to hear.
What you have said to me it's an offence and quite hard. At least I know something in finances even I am not english, but you know telling me to get an IQ test, maybe you were going to far, I have got from you something which it was not fair as human. Also because I misunderstood somehting before and I have used the word "frail", I have been addicted by you as kind of the worse people on here, if you had a bit of thoughts like Semanticists did,you have thought, wait a moment he is not even english and he could use different words. Of course you didn't, you used it as excuse to argue with someone.
I don't know who you are and I am not even interested but at least you should have a bit of respect to other people. Also when you are wrong just start to say sorry, it doesn't cost too much but you are a gentleman if you do that.
Arrogance doesn't pay anything and I can tell from your posts. I am sure you are coming out with something else now.
Have a nice one.

semanticist

VIGILANT22 wrote: »

I agree with you regarding the complexity of financial products...I further agree re' advisers...however many people won't use an adviser, why??

Incompetent people consistently over-estimate their own competence. (Check out the 'Dunning–Kruger effect' for more details - there's a decent article on Wikipedia.) This means that the people that are least able to make good choices are also the least likely to think that they need help.

When posting for 'help' somewhere like MSE they're really asking for other people to validate their existing thoughts or opinions. You'll have seen how vicious and angry some people get if you don't do this. They're not looking for real help or advice in the way that you'd ask an IFA - they're looking for a discussion amongst 'equals'.

Unfortunately for the people who make major decisions based on that advice, that's exactly what they get!

enay73

Semanticist,

thank you for your words. I really appreciate that.
Thanks again
Enay

VIGILANT22

enay73 wrote: »

Well Vigilant22,

it is so clever by you then what you are saying and it's not the first time you are attacking me in some way and you want to show how perfect you are, and, you don't like people to tell you what you don't want to hear.
What you have said to me it's an offence and quite hard. At least I know something in finances even I am not english, but you know telling me to get an IQ test, maybe you were going to far, I have got from you something which it was not fair as human. Also because I misunderstood somehting before and I have used the word "frail", I have been addicted by you as kind of the worse people on here, if you had a bit of thoughts like Semanticists did,you have thought, wait a moment he is not even english and he could use different words. Of course you didn't, you used it as excuse to argue with someone.
QUOTE]

1. I am not English...So that's both of us!
2. I did not tell you to get an IQ test
Quote: Sometimes I wonder if we should have asked people to sit an IQ test before taking on a mortgage
3. Is english as your 2nd language the reason for you not understanding the meaning of sub prime....Let me inform you once again NR have never been sub prime lenders...if so that would have made you & eveybody else with a NR mortgage a sub prime client

enay73

Whatever Vigilant22
keep going like that and remarking words in reds or blacks.

Have a nice day and please ignore my posts if you can, will you?
We dont understand eachother and will never be.
Have a nice day as I thought so I couldn't come any conclusion with you earlier.
Bye!!!!

MarkyMarkD

semanticist wrote: »

When posting for 'help' somewhere like MSE they're really asking for other people to validate their existing thoughts or opinions. You'll have seen how vicious and angry some people get if you don't do this. They're not looking for real help or advice in the way that you'd ask an IFA - they're looking for a discussion amongst 'equals'.

Unfortunately for the people who make major decisions based on that advice, that's exactly what they get!

I can't help but agree with you, semanticist. It is depressing how many threads degenerate into a "post that you agree with me or I'll flame you" type discussion. If everyone with a contrary view is always personally vilified, nobody will ever hear anything but a "yes, the (insert type of large insitution) are horrible - yes, you are right" view.

Mary_Hartnell

MarkyMarkD wrote: »

The UK securitisation market was not, inherently, a bad thing.

There was an interesting discussion on BBC Radio 4 "File on 4" programme today about the commercial property market.

Basically the banks are actively restructuring loans or just going in for "delay & pray", all in the hope they would not have to publish the level of negative equity loans they are carrying on their books; especially those banks operating out of Edinburgh.

Securitisation was identified as the possible/probable breaking point as these loans are difficult/impossible to restructure. Instead of conning itself, its regulator and shareholders, the bank finds it a whole lot harder to go to the couple of a dozen "investors" to say their investment looks like an infinity loan, even if it staggers on into hopefully better times.
So the securitised loans are likely to be the ones that get foreclosed/repossessed first.

They were talking about "Scubies": Loans/borrowers that are underwater but they are currently still meeting the interest thanks to the oxygen supply of low interest rates.
I now have this image of the scuba diver filmed from below and the wonder if he will get his head above water, before the tank on his back runs out of air.

MarkyMarkD

Scubies are a big problem. Whilst arrears levels are relatively benign, given the state of the economy, this will end dramatically when BBR goes back to a sensible level. Almost anyone can afford their mortgage payments on (say) 1.5% if it's BBR+1%.

semanticist

MarkyMarkD wrote: »

Scubies are a big problem. Whilst arrears levels are relatively benign, given the state of the economy, this will end dramatically when BBR goes back to a sensible level. Almost anyone can afford their mortgage payments on (say) 1.5% if it's BBR+1%.

In a way I'm glad I'm on a relatively high fixed rate - we can pay the bills at 6.9%, and could stretch a bit beyond that. If we were at just 'paying the bills' at the current SVR (or lower), it would be a pretty bleak outlook.

zipman23

semanticist wrote: »

In a way I'm glad I'm on a relatively high fixed rate - we can pay the bills at 6.9%, and could stretch a bit beyond that. If we were at just 'paying the bills' at the current SVR (or lower), it would be a pretty bleak outlook.

That was my point too. My fixed rate was 5.89% and we could afford it then so no reason why we wouldn't be able to afford it if it went back up there or beyond. Plus now we've had our mortgage 3 years, we are more savvy with our money and we know when we can't afford certain stuff