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Realistbear

Nationwide To Begin Offering Loans To Those With Bad Credit

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http://money.guardian.co.uk/businessnews/s...1778438,00.html

Nationwide may offer mortgages to people with credit problems

Rupert Jones

Friday May 19, 2006

The Guardian

Britain's biggest building society, Nationwide, is considering offering mortgages to people with credit problems as part of a planned push aimed at regaining its position of strength in the home loans market.
This would see it targeting people who had been in financial difficulties, such as having county court judgments against them or getting behind with home-loan payments,
but steering clear of those who have had serious money problems
.

:lol::lol::lol:

This is truly amazing. Desparation of the highest order. If I was a NW shareholder I would be calling my broker this morning to sell all shares--FAST. There is obviously not enough customers with good credit as these tend to be a little smarter and know that the market has peaked and its downhill for the next few years. NW probably think that repossession will cover them provided they stay away from 125% mortages which have been more commonplace recently.

Tick tock, tick tock--do you hear the clock speeding up? :o

Edited by Realistbear

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Yep, this is a desperate, high risk strategy IMO - especially now with unemployment rising (they WILL ask for employment references I assume?)

Edited by dnd

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If I was a NW shareholder I would be calling my broker this morning to sell all shares--FAST.

I think NW is still mutual, and as such they are more restricted than the banks in terms of lending.

Maybe they will need to advertise for suitably qualified thugs to enforce their new terms & conditions.

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http://money.guardian.co.uk/businessnews/s...1778438,00.html

Nationwide may offer mortgages to people with credit problems

Rupert Jones

Friday May 19, 2006

The Guardian

Britain's biggest building society, Nationwide, is considering offering mortgages to people with credit problems as part of a planned push aimed at regaining its position of strength in the home loans market.
This would see it targeting people who had been in financial difficulties, such as having county court judgments against them or getting behind with home-loan payments,
but steering clear of those who have had serious money problems
.

:lol::lol::lol:

This is truly amazing. Desparation of the highest order. If I was a NW shareholder I would be calling my broker this morning to sell all shares--FAST. There is obviously not enough customers with good credit as these tend to be a little smarter and know that the market has peaked and its downhill for the next few years. NW probably think that repossession will cover them provided they stay away from 125% mortages which have been more commonplace recently.

Tick tock, tick tock--do you hear the clock speeding up? :o

This has to be the MOST irresponsible thing to do - the fact that people have money problems or CCJ's should be enough to stay clear of lending to them.

This reminds me of the father that shot himself when the Halifax told him they would take his home away when he had just a few more payments to make.

What are they playing at?

My guess is that estate agents aren't selling much because many people aren't buying and there are few first time buyers, so they are coming up with exotic loans and lowering their credit lending standards.

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My guess is that estate agents aren't selling much because many people aren't buying and there are few first time buyers, so they are coming up with exotic loans and lowering their credit lending standards.

They are just targeting a 'gap' in the market - FTB/BTS/BTR/BMV must be saturated

Having said that, somebody who is BMV'ing but has a CCJ and has to get mortgages through his wifes name - wonder if they cater for that?

Edited by dnd

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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