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Contractor Financials

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    Contractor Financials

    I have recently enquired about a mortgage form Contractor Financials and they have come back recommended Northern Rock as the lender.

    Northern Rock have great options, but how responsible is it to recommend them as a lender now?

    How would it affect me if I went with Northern Rock?

    At the end of the recommendation she assured me that it is BAU for NR and not to be concerned!

    Thoughts?

    P

    #2
    I'd only be concerned if I had savings with them, not if I owed them money!
    "Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny. "


    Thomas Jefferson

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      #3
      Out of interest, what are NR offering?
      "Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny. "


      Thomas Jefferson

      Comment


        #4
        Originally posted by Ruprect View Post
        I'd only be concerned if I had savings with them, not if I owed them money!
        If they are taken over, the new bank may try to migrate you to their product
        Fiscal nomad it's legal.

        Comment


          #5
          new bank might give you a migration project


          in that case sounds like if you go with NR then you get a contract out of it too

          coool

          as ever dyor

          Milan.

          Comment


            #6
            I'd of thought your only potential problem is the money won't be available for NR to give it to you when you actually need it, meaning no mortgage. They are having to borrow from the BoE at an interest rate higher then the mortage rate they are offering. Will they keep doing that, I'd have my doubts ! I'd go elsewhere if you can get a similar deal.

            Comment


              #7
              Originally posted by Ruprect View Post
              I'd only be concerned if I had savings with them, not if I owed them money!
              I see what you are saying but, even if they went bust you would still owe the money to someone
              The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.

              But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”

              Comment


                #8
                Your mortgage and home would not be at risk if you took one with NR and they went bust.

                Someone will take the mortgage on, but I don't know whether they could force you to change to a worse product or not. If they try to, then move and look for another one.
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                Comment


                  #9
                  I don't know the small print, but if they went to the wall, the terms of the mortgage might be changed in a way that hurts, if the debt is taken over.

                  Then again, interest rates will fall soon due to falling inflation, and mortgages will once again be cheap-as-chips and the City boys will be splashing their £1M bonuses again. Business as usual. Carry on.
                  First Law of Contracting: Only the strong survive

                  Comment


                    #10
                    Originally posted by alreadypacked View Post
                    If they are taken over, the new bank may try to migrate you to their product
                    I wonder what the legals are round this. Say you get a mortgage with NR with a 2 year tie in (for example) at 5%. After 1 year NR get bought by New Bank and NB say your mortgage is going to be migrated to their product which charges 6%. Surely you can't still be held to the 2 year tie in when the terms of the product have changed? At that point you can then go and find a new deal somewhere else non?
                    "Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny. "


                    Thomas Jefferson

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