Friday, March 28, 2008
Oh this is nice!
Two of the biggest mortgage lenders increased their rates sharply yesterday in an attempt to close the door to all but the most creditworthy customers. The move could lead to tens of thousands of borrowers struggling to get any mortgage deal at all. Within hours of Nationwide’s announcement, Norwich & Peterborough Building Society said that it was increasing its rates by up to half a percentage point. The move came as Britain’s best-known mortgage broker, John Charcol, was warned by its auditor that it faced a “material uncertainty” about its ability to keep operating after its investors put in an extra £1.5 million and deferred loans of £820,000. The auditors highlighted concerns that liabilities exceeded assets by £532,000. AHA HHAHAHAHHA HHAHAHAHH