Bradford and Bingley

[spydersingh]

Who thinks this is going down or going down the Northern Rock road?

Is there any light at the end of its tunnel?

[spydersingh]

What would happen to the mortgages they have sold? If they do go up the stter, are the mortgages null and void or who takes on their risk?

[Zod]

it won't go bust. It will be bought or nationalised. Do not queue at the branch to withdraw your deposits or you will hasten the problem.

[scotal]

spydersingh said:

What would happen to the mortgages they have sold? If they do go up the stter, are the mortgages null and void or who takes on their risk?

No the mortgages aren't null and void, they are an asset of the company. They would be sold on by the administrators.

[emicen]

spydersingh said:

What would happen to the mortgages they have sold? If they do go up the stter, are the mortgages null and void or who takes on their risk?

How many times can that same question be asked?

[silver.fox.2008]

scotal said:

spydersingh said:

What would happen to the mortgages they have sold? If they do go up the stter, are the mortgages null and void or who takes on their risk?

No the mortgages aren't null and void, they are an asset of the company. They would be sold on by the administrators.

Dumb question, but if you have signed onto say 5 or 10yr fixed price deal and they comp is sold on by administrators. Are they honoured or will they be re-written?

[plasticpig]

scotal said:

spydersingh said:

What would happen to the mortgages they have sold? If they do go up the stter, are the mortgages null and void or who takes on their risk?

No the mortgages aren't null and void, they are an asset of the company. They would be sold on by the administrators.

Surely that would depend on exactly what the paper work said. Its a contract like any other after all. They may have written termination clauses in.

[Swillsy]

the bird on the advert is fit as f**k though:P

[jazzybee]

silver.fox.2008 said:

scotal said:

spydersingh said:

What would happen to the mortgages they have sold? If they do go up the stter, are the mortgages null and void or who takes on their risk?

No the mortgages aren't null and void, they are an asset of the company. They would be sold on by the administrators.

Dumb question, but if you have signed onto say 5 or 10yr fixed price deal and they comp is sold on by administrators. Are they honoured or will they be re-written?

They fixed terms should be part of the package that gets sold, so I would assume be honoured. You did sign a contract to those terms. What I always thought interesting is, when in this situation, if the homeowner could apply to bid to buy back his debt at a lower price. Lets say you have a mortgage of £100k, the administrator sells on that debt for the equivalent of £50k - but you offer £75k. Would they accept that? I'm sure there would be a business in offering an intermediary consultancy to do this. If you could make the Administrators work as seamless and replicable as possible, and simplify the the mortgagees communication - taking
20% of the savings should be possible. If you can offer other Mortgages as well, you could make a commission on them.

Edited by jazzybee on Friday 26th September 11:59

[Zod]

Swillsy said:

the bird on the advert is fit as f**k though:P

She's into girls though.

I know this for certain.

[scotal]

jazzybee said:

silver.fox.2008 said:

scotal said:

spydersingh said:

What would happen to the mortgages they have sold? If they do go up the stter, are the mortgages null and void or who takes on their risk?

No the mortgages aren't null and void, they are an asset of the company. They would be sold on by the administrators.

Dumb question, but if you have signed onto say 5 or 10yr fixed price deal and they comp is sold on by administrators. Are they honoured or will they be re-written?

They fixed terms should be part of the package that gets sold, so I would assume be honoured. You did sign a contract to those terms. What I always thought interesting is, when in this situation, if the homeowner could apply to bid to buy back his debt at a lower price. Lets say you have a mortgage of £100k, the administrator sells on that debt for the equivalent of £50k - but you offer £75k. Would they accept that? I'm sure there would be a business in offering an intermediary consultancy to do this. If you could make the Administrators work as seamless and replicable as possible, and simplify the the mortgagees communication - taking 120% of the savings should be possible. If you can offer other Mortgages as well, you could make a commission on them.

Certainly there is a firm who bought a package of mortgages recently who have been offering discounts to clients who remortgage away from them.

[silver.fox.2008]

jazzybee said:

silver.fox.2008 said:

scotal said:

spydersingh said:

What would happen to the mortgages they have sold? If they do go up the stter, are the mortgages null and void or who takes on their risk?

No the mortgages aren't null and void, they are an asset of the company. They would be sold on by the administrators.

Dumb question, but if you have signed onto say 5 or 10yr fixed price deal and they comp is sold on by administrators. Are they honoured or will they be re-written?

They fixed terms should be part of the package that gets sold, so I would assume be honoured. You did sign a contract to those terms. What I always thought interesting is, when in this situation, if the homeowner could apply to bid to buy back his debt at a lower price. Lets say you have a mortgage of £100k, the administrator sells on that debt for the equivalent of £50k - but you offer £75k. Would they accept that? I'm sure there would be a business in offering an intermediary consultancy to do this. If you could make the Administrators work as seamless and replicable as possible, and simplify the the mortgagees communication - taking 120% of the savings should be possible. If you can offer other Mortgages as well, you could make a commission on them.

That would actually make sense.

[groucho]

Zod said:

Swillsy said:

the bird on the advert is fit as f**k though:P

She's into girls though.

I know this for certain.

How, and I don't care.

[FourWheelDrift]

Sophia Di Martino, she plays Gemma Pennant in The Royal Today.

http://www.pure-management.co.uk/actors/actors_cv....

[toppstuff]

The B&B won't go bust but they will in all probability be taken over.

Same thing already happened with Alliance & Leicester I think. I have a mortgage with them and expect to see the name on the statements to change to Abbey / Santander any time soon.

Its nowt to worry about.

And there is indeed an example where a mortgage company has offered discounts on the sum owed them if you pay off early. However, this is for sub-prime stuff where the lender is trying to encourage people to pay back the loan and leave them.

[Zod]

groucho said:

Zod said:

Swillsy said:

the bird on the advert is fit as f**k though:P

She's into girls though.

I know this for certain.

How, and I don't care.

I have insider information of all sorts here, but that is one of th non-price-sensitive bits.

[B17NNS]

FourWheelDrift said:

Sophia Di Martino, she plays Gemma Pennant in The Royal Today.

http://www.pure-management.co.uk/actors/actors_cv....

Looks better in her bowler hat.