GeordieSteve Posted September 14, 2007 Share Posted September 14, 2007 I've just taken out a Northen Rock mortgage (luckily fixed rate) juuuust before all this trouble has kicked off. Let's say the unlikely happens and Northern Rock goes belly up... where will I stand? Link to comment Share on other sites More sharing options...
paul_y3k Posted September 14, 2007 Share Posted September 14, 2007 Think it said on the News that customers will be protected. They've also been given a massive chunk of cash from the Bank of England too. Link to comment Share on other sites More sharing options...
AndrewOW Posted September 14, 2007 Share Posted September 14, 2007 I've just taken out a Northen Rock mortgage (luckily fixed rate) juuuust before all this trouble has kicked off. Let's say the unlikely happens and Northern Rock goes belly up... where will I stand? Out in the street? No I don't think it'll come to that. Foreign money markets slump or something like that. Up and down it goes Link to comment Share on other sites More sharing options...
Alex Posted September 14, 2007 Share Posted September 14, 2007 You'll be ok - they have enough assets they can liquidate if needs be...but it's just a cash flow issue...not an actual, we don't have any issue. What it is though, in my loose understanding of the markets, is a good time to buy their shares they've more than halved in a year! They may well be a target for a takeover too... Link to comment Share on other sites More sharing options...
Pete Posted September 14, 2007 Share Posted September 14, 2007 They're actually quite stable, they just need to borrow a bit of cash to lend to their customers at a better rate than what other lending banks are offering in order to remain competitive. Basically the banks that lend money to other banks are starting to increase their rates and be a little less free with the lending. This is also why we've seen a few rises in rates independently of inflation recently. Link to comment Share on other sites More sharing options...
RedM Posted September 14, 2007 Share Posted September 14, 2007 Oh the bank. I thought this was about Def Leppard. Link to comment Share on other sites More sharing options...
GeordieSteve Posted September 14, 2007 Author Share Posted September 14, 2007 A lot of worry about nothing then. Great, thanks guys Link to comment Share on other sites More sharing options...
ozz Posted September 14, 2007 Share Posted September 14, 2007 An excellent time to buy their shares! Its a lot of scaremongering as usual by the media. Was on GMTV this morning, the reporter was reassuring people and the dull tart presenter was really trying to make it sound like the sh1t was hitting the fan. Its nothing, their primary lenders are out of money due to the american sub-mortgage losses so they went elsewhere. Link to comment Share on other sites More sharing options...
Fifty Posted September 14, 2007 Share Posted September 14, 2007 send me your money Ill will invest it for you m8:p Rich Link to comment Share on other sites More sharing options...
SUPRASUZUKI Posted September 14, 2007 Share Posted September 14, 2007 My mortgage is with NR. I was hoping they'd go bump and it would be written off:d Link to comment Share on other sites More sharing options...
Alex Posted September 14, 2007 Share Posted September 14, 2007 There's a bit on the BBC site about what would happen if they went bust....basically their loan book (inc your mortgage) would be bought up by other banks etc and you would continue to pay them... But it shouldn't happen in this case. Let the US problems blow over then buy shares in the banks as the shares start to climb....oh and expect the gallows outside NR HQ. Heads will have to roll! Link to comment Share on other sites More sharing options...
edge Posted September 14, 2007 Share Posted September 14, 2007 My mortgage is with NR. I was hoping they'd go bump and it would be written off:d Same as you mate. If only Link to comment Share on other sites More sharing options...
Gruggs Posted September 14, 2007 Share Posted September 14, 2007 No issues at all. Cant believe such a fuss was made about this. Barclay's went to the BoE for 1.2billion about 2 months ago and it didnt even make the papers. Its just std cash flow operating procedures. Link to comment Share on other sites More sharing options...
SUPRASUZUKI Posted September 14, 2007 Share Posted September 14, 2007 There's a bit on the BBC site about what would happen if they went bust....basically their loan book (inc your mortgage) would be bought up by other banks etc and you would continue to pay them... Somehow, I just knew there wouldn't be a happy ending. Story of my life:rolleyes: Link to comment Share on other sites More sharing options...
hogmaw Posted September 14, 2007 Share Posted September 14, 2007 I think it's hilarious all those people queuing up at NR branches to take all their savings out in cash. What a bunch of fannies Link to comment Share on other sites More sharing options...
Ian R Posted September 14, 2007 Share Posted September 14, 2007 I think it's hilarious all those people queuing up at NR branches to take all their savings out in cash. What a bunch of fannies Or maybe the fannies will be those that don't if they go bump Link to comment Share on other sites More sharing options...
hogmaw Posted September 14, 2007 Share Posted September 14, 2007 Or maybe the fannies will be those that don't if they go bump I bet you my Supra NR doesn't go bump Link to comment Share on other sites More sharing options...
Ian R Posted September 14, 2007 Share Posted September 14, 2007 Good chance they won't but if everyone pulls their money out they will no money in = none to lend Link to comment Share on other sites More sharing options...
hogmaw Posted September 14, 2007 Share Posted September 14, 2007 True. How daft would it be if it was the panic-stricken stupidity of their own customers that was responsible for it going bust! Link to comment Share on other sites More sharing options...
ivan Posted September 14, 2007 Share Posted September 14, 2007 That's exactly what I thought when I saw them all queueing on the news tonight. Link to comment Share on other sites More sharing options...
hogmaw Posted September 15, 2007 Share Posted September 15, 2007 In fact first thing I do on Monday is buy NR shares Link to comment Share on other sites More sharing options...
Havard Posted September 15, 2007 Share Posted September 15, 2007 In fact first thing I do on Monday is buy NR shares ........................... H. Link to comment Share on other sites More sharing options...
Alex Posted September 15, 2007 Share Posted September 15, 2007 In fact first thing I do on Monday is buy NR shares I'd wait till tuesday...they are bound to drop more on Monday as people are still panic withdrawing Link to comment Share on other sites More sharing options...
SUPRASUZUKI Posted September 15, 2007 Share Posted September 15, 2007 At the rate people are withdrawing money there wont be a business left to buy shares in! Looks to me like it's snowballing out of control (or is it just wishful thinking?). Bye bye mortgage..... Link to comment Share on other sites More sharing options...
Suprasteve Posted September 15, 2007 Share Posted September 15, 2007 i'm a mortgage advisor and my NR rep said business is as usual. I'm still placing business with them and not noticed any difference at all....yet;) I should imagine it'll all blow over in a few days and the media will find something else to terrorise the country - maybe another potential petrol shortage - which in itself scares people who don't normally buy petrol go out and buy petrol causing a petrol shortage:blink: Link to comment Share on other sites More sharing options...
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