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Sub-Prime Product Announcement from Northern Rock Wednesday 22 August 2007

Product Withdrawal Warning

Please be advised that Northern Rock is officially placing the current range of Sub-Prime mortgage products on withdrawal watch.

All Sub-Prime Fixed rates will be withdrawn and re-priced upwards by up to 1.25% with effect from Wednesday 29 August 2007.

We will also be withdrawing all Sub-Prime Trackers until further notice as part of this change.

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Sub-prime

Sub-Prime Product Announcement from Northern Rock Wednesday 22 August 2007

Product Withdrawal Warning

Please be advised that Northern Rock is officially placing the current range of Sub-Prime mortgage products on withdrawal watch.

All Sub-Prime Fixed rates will be withdrawn and re-priced upwards by up to 1.25% with effect from Wednesday 29 August 2007.

We will also be withdrawing all Sub-Prime Trackers until further notice as part of this change.

that just means that numpties won't be able to get dodgy mortgages in future so we can't have a bubble , nothing to force sellers. No price falls then, just 'steady as she goes'.

:blink:

(and if you believe that you're mad)

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Sub-prime

Sub-Prime Product Announcement from Northern Rock Wednesday 22 August 2007

Product Withdrawal Warning

Please be advised that Northern Rock is officially placing the current range of Sub-Prime mortgage products on withdrawal watch.

All Sub-Prime Fixed rates will be withdrawn and re-priced upwards by up to 1.25% with effect from Wednesday 29 August 2007.

We will also be withdrawing all Sub-Prime Trackers until further notice as part of this change.

Where did you read this???

This would be game over for subprime in the UK.

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Where did you read this?

Please cite source.

.

Uk entities are being very careful not to use the words "Sub-Prime" in relation

to the market here.

.

According to most lenders, we don't have a sub-prime market in the UK <_<

.

ST

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I dunno - it's all gone quiet over the past few days - starting to wonder is this is a non-event. :huh:

the action is all under the surface at the moment

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that just means that numpties won't be able to get dodgy mortgages in future so we can't have a bubble , nothing to force sellers. No price falls then, just 'steady as she goes'.

:blink:

(and if you believe that you're mad)

Incorrect, everybody currently on these sub-prime mortgages wil fall out of fixed deals and will not be able to pay the increase monthly payments. Everybody on SVR will be hit immediately. This will cause many more houaes to enter the market and with resticted lending practices nobody but the BTL brigade to buy them. At best this will create a flat market, not condusive to BTL investors. As lenders unvail how much fraud is involved with self cert that will be all over an nobody in Britian will be able to buy at these prices -and I say nobody because the City boys wont be getting their bonuses next year so the market cant look to them either.

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.

According to most lenders, we don't have a sub-prime market in the UK <_<

.

oh I think we do :unsure:

My other half has worked as a Conveyencing Solicitor for the last 7 years. At first she said that only around 1 in 10 mortgage/remortgage applications had CCJ's marked against them. Now she says it is every other one she completes. Sub-prime lenders were falling over themselves to lend money to anyone via the drive and greed of the financial advisors pushing the loans through, even when evident that the client could not meet payments in the long term.

I spoke to her tonight about it and she is saying that many of the lenders are pulling their products meaning a lot of completions are not going to happen. See what next week brings.

L.

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Northern Rock have sub-prime products

i.e "Sub-Prime Product Change

As previously communicated Northern Rock will be increasing Sub-Prime Fixed rates with effect from Sunday 12 August 2007.

Sub-Prime Fixed rates will be increased by up to 0.55%. The current range of Sub-Prime Fixed rates will remain available until 4pm on Saturday 11 August 2007."

from link

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that just means that numpties won't be able to get dodgy mortgages in future so we can't have a bubble , nothing to force sellers. No price falls then, just 'steady as she goes'.

:blink:

(and if you believe that you're mad)

The sub-prime credit squeeze will also take in mortgages that require 5x income plus. Due to the high cost of housing, many people (even people with above average incomes) need to take out mortgages of several times income. If lenders tighten up on this group demand will evaporate. If demand falls, so to will house prices.

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oh I think we do :unsure:

My other half has worked as a Conveyencing Solicitor for the last 7 years.....I spoke to her tonight about it and she is saying that many of the lenders are pulling their products meaning a lot of completions are not going to happen. See what next week brings.

L.

Just what I've been suspecting looking at the people around me who are getting mortgages. Thank you. Great first post. Which part of the country is she working in by the way?

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Sub-prime

Sub-Prime Product Announcement from Northern Rock Wednesday 22 August 2007

Product Withdrawal Warning

Please be advised that Northern Rock is officially placing the current range of Sub-Prime mortgage products on withdrawal watch.

All Sub-Prime Fixed rates will be withdrawn and re-priced upwards by up to 1.25% with effect from Wednesday 29 August 2007.

We will also be withdrawing all Sub-Prime Trackers until further notice as part of this change.

Since when has NR called these products 'Sub-Prime? Since when did NR start sentences with the words 'Please be advised ...'?

Source? Source? Source?

p

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e-mail link

Nice one.

NB. this poster is normally pretty good with links; check their history... ;)

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Just what I've been suspecting looking at the people around me who are getting mortgages. Thank you. Great first post. Which part of the country is she working in by the way?

Thanks, been pondering on here for a while weighing the score up and finaly decided to chip in.

Sunny :unsure: North East of England, (Newcastle)

L.

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surely very good!!

Hey! That was a supportive comment, finely judged to avoid accusations of brown-nosing!

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I think perhaps it is!

Follow the link & click on sub-prime option.

Oh Dear!

LOL a catalogue of dodgy lending. I like the term 'niche prime' though :lol:

subPrimeMortgageUpdate.pdf

Take a gander at the heavy and UNLIMITED adverse section - they will lend to pretty much anybody. Scary :o

Edited by DoctorJ

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