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grey shark

Northen Rock , Plans To Cut Mortgage Volumes By 40bn

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Not sure if this has been posted already , but ...........

http://www.mortgagestrategy.co.uk/cgi-bin/...h=401&f=402

Northern Rock is understood to be planning to reduce its gross mortgage volumes by £40bn in the next three years.

Mortgage Strategy has been contacted by a number of brokers whose clients have been advised by NR to remortgage with other lenders.

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This will be hilarious to watch (but not for those attempting to remortgage elsewhere).

So who exactly will be taking on all these borrowers NR will be kicking out? And what of those who had/have 95%ltvs plus an unsecured loan on top? With falling house prices they're underwater before they've started.

It's gonna get messy!

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Call me crazy, but on the day I transfer my savings into northen rock, the following just struck me. Can you imagine a government economic expert advising Gorden Brown the following?:

'Anyway once Northen Rock's government backed people will be piling in with their savings'

I don't mean to be abstract, but are we, the HPC community sheeple in our own right? Maybe one for goldbugs? [He says having invested 30% in gold]

Andy

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  • 294 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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