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

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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

SO WHERE ARE THE ARREARS?

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).

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