I’m looking for fixed-rate morgage deals, and at present, some “smaller” companies seem to have better offers. For example, Bristol & West has very good deals. But do you think it is safe to choose this company?
5 Comment(s)
Your mortgage would be perfectly OK if it was with Northern Rock.
You seem to have misunderstood what was/is going on there.
my mortgage is with northern rock and mines is perfectly fine nothing change for me i think it was a the press that made it worse than wat it really was as usual
As Under Pressure said, your mortgage would be ok. It’s only if you were looking to place your saving into an account at the bank/building society that you’d need to make an informed decision to avoid worry.
The “fiasco” involving Northern Rock has been generated by the media who are to blame for the resulting panic amongst people who think that they know better than the professionals.
To be blunt about it, so what if your building society goes bust? You’re only living in what’s their property until you repay your loan. Your mortgage would simply transfer to another lender and you probably wouldn’t notice the difference.
Only you can decide on what’s best for you, but try not to borrow more than you can comfortably repay.
I would be very wary of taking out a mortgage just now. The fiasco with Northern Rock has not gone away, indeed, America’s largest bank( Citibank)is in trouble with loses due to sub prime mortgages.
Pitbull is wrong when he says that the media were responsible for for the problems at NR, they weren’t, they only reported what had happened.
Northern Rock lent money they didn’t have and were financing this with borrowing from other banks. When the banks stopped lending to each other, NR had to turn to the Bank of England for money.
The BofE has now lent some £23bn of taxpayers money to them and they still need more. The bank is bust and I doubt whether it is legal to prop them up this way. Had the bank been in Surrey or Oxford instead of a Labour heartland, I doubt they would have got a penny.
If your building society goes bust, it won’t make much difference to you, you will have to repay the loan.
Bristol and West are a strong institution. I would look for a building society that has members rather than shareholders, like the Nationwide.
Your mortgage would be perfectly OK if it was with Northern Rock.
You seem to have misunderstood what was/is going on there.
Under Pressure | May 15, 2009 | Reply
my mortgage is with northern rock and mines is perfectly fine nothing change for me i think it was a the press that made it worse than wat it really was as usual
humbaw69 | May 15, 2009 | Reply
As Under Pressure said, your mortgage would be ok. It’s only if you were looking to place your saving into an account at the bank/building society that you’d need to make an informed decision to avoid worry.
Nathan | May 17, 2009 | Reply
The “fiasco” involving Northern Rock has been generated by the media who are to blame for the resulting panic amongst people who think that they know better than the professionals.
To be blunt about it, so what if your building society goes bust? You’re only living in what’s their property until you repay your loan. Your mortgage would simply transfer to another lender and you probably wouldn’t notice the difference.
Only you can decide on what’s best for you, but try not to borrow more than you can comfortably repay.
Pit Bull | May 20, 2009 | Reply
I would be very wary of taking out a mortgage just now. The fiasco with Northern Rock has not gone away, indeed, America’s largest bank( Citibank)is in trouble with loses due to sub prime mortgages.
Pitbull is wrong when he says that the media were responsible for for the problems at NR, they weren’t, they only reported what had happened.
Northern Rock lent money they didn’t have and were financing this with borrowing from other banks. When the banks stopped lending to each other, NR had to turn to the Bank of England for money.
The BofE has now lent some £23bn of taxpayers money to them and they still need more. The bank is bust and I doubt whether it is legal to prop them up this way. Had the bank been in Surrey or Oxford instead of a Labour heartland, I doubt they would have got a penny.
If your building society goes bust, it won’t make much difference to you, you will have to repay the loan.
Bristol and West are a strong institution. I would look for a building society that has members rather than shareholders, like the Nationwide.
charterman | May 23, 2009 | Reply