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Banks Paying To Change Mortgage

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Is it this one:

http://www.dailymail.co.uk/news/article-11...lance-debt.html

Desperate lenders offer £25,000 to take your mortgage away to a rival bank in bid to balance debt

Struggling mortgage firms are so desperate to offload borrowers that they are offering to write off a sizeable chunk of customers' home loans if they move to a rival bank.

In some cases, tens of thousands of pounds are being paid off to give customers a better chance of finding an alternative lender willing to take them on.

The offer is being made by some of Britain's biggest mortgage firms who are willing to take a hit of as much as £25,000 to get the loans off their balance sheets to see them through the credit crunch.

So, thats where the bank bail out money will be going.

Yet again we as tax payers will be picking up the tab for crap lending practices.

Edited by Yorkshire Lad

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What kind of a weird, twisted world are we living in where some numpty who has borrowed till they are up to their neck in debt, to the extent where they can no longer remortgage because of having too little equity, can be rewarded for their fecklessness, whilst at the same time savers are paid ridiculously low rates of interest for their prudence?

Makes me mad! :angry:

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