Northern Rock
We would welcome your views on the Northern Rock debacle
- Do you feel badly treated by UK Government over the Northern Rock debacle?
- Are you trapped in a Northern Rock mortgage with no prospect of finding an alternative lender?
- Do you think that Northern Rock should be allowed to entice new business at rates ~1.5% less than their SVR?
- Could you be faced with repossession if Northern Rock's SVR of 7.45% is thrust on you?
- Do you feel that the Prime Minister was right when he gave away interest rate setting powers to Bank of England and mandated transparency within the Banking system?
- Do you own BTL property on Northern Rock mortgages. Is there a lender who will take on your mortgage?
Current policy at Northern Rock is to reduce their mortgage book by making their rates uncompetitive for existing clients. What the execs at the beleaguered Rock have failed to realise is that for many, this is going to increase the likelihood of their house being repossessed, actually creating problems for the Government!
Northern Rock were widely used by investors as they had the only 87% BTL product on the market, and in a rising market, this was perfectly fine. Yes, we all agree that gearing at 87% is high, but many took this option anyway.
This discussion is not a bleat about the rights or wrongs of gearing at 87%, it's a question of moral obligations. Should existing clients (often with good payment history's) be treated with contempt and forced into extortionate rates when Northern Rock are trying to entice new business at 6%?
Northern Rock - Your Chance To Express Your Thoughts
We would like your opinion on the morality of the situation. If we get enough of a response we will send the entries to the Prime Minister and David Cameron for comment.
