Jump to content
House Price Crash Forum
Sign in to follow this  

N Rock Pioneered High Income Mutiples, 125% Borrowing And Self Cert

Recommended Posts

NRock grew rapidly to become one of main mortgage players. This was done on the back of niche high risk lending products to include:

* 125% lending, something they've done for a decade. Until renecently NO other lender dared enter this sector (M Express and BM Solutions recently entered this market but with considerably lower income multiples)

* High income multiples - this is the key reason they garnered such a large share of the market so quickly. Thier current lending policy on 125% deals is - "5 x JOINT income for those earning between £17501 - £25000, rising to 5.9 x joint income" JOINT INCOME FFS!!!!!!!

* Self Cert to 85% - BUT THEY HIDE THIS BY TERMING IT 'FAST TRACK'. Other high street lenders typically restricted this to 75%, but not good ole N Rock


I think the truth will soon emmerge.

That think muppet on R 5 Live (Pauline something - thier money 'EXPERT' :o ) keeps trotting out the line arrears are about industry average. Why are such out of touch numpties employed by the BBC

I suspect the reason the arrears appear low is that the loans are 'off book', ie sold on too others so N R only has to show it's old loans (ie from when they were a balance sheet lender years ago).

Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 350 The Prime Minister stated that there were three Brexit options available to the UK:

    1. 1. Which of the Prime Minister's options would you choose?

      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.