Thetownend.com

Well its safe to say its well and truly fucked at the moment

What's up mate ?

Just in general mate, for obvious reasons in the usa this is having a horrible effect on business all over the country.

Fucking Yanks when will they learn to stop lending money to people who cant and have no intention of paying it back :twisted:

You've not seen the news about Northern Rock this morning then Fred?

There you go...

http://news.bbc.co.uk/1/hi/business/6994328.stm

Fuck !!!

 :shock:

Had CD on, on the way in then went straight into meeting

The housing market is ridiculously slow at the moment

Just when I want to sell my drum quickly

 :evil:

Who you gone through mate

Green Abbey

I'm not going to buy a house.  I'm going to share a stable with my horse. £30 a month. bargain.  :|

A couple more interest rate rises here and we'll see the same thing I think, though obviously on a smaller scale. Especially when those fixed rates end for people who got mortgages when the interest rate was stupidly low.

He's got a bigger cock than most blokes too

thank god I don't have a mortgage

Speak for yourself fred :D

I have a mortgage offer with northern rock, does this mean I'm fooked?!

Not really fucked to be fair the Boe would not have bailed them out if they did not think it was only a short term issue.

But knowing my luck it will go tits up! If they've given me an offer can they withdraw it?

For your own piece of mind sippo call them, up until contacts have been signed both parties can still pull out

Im sure you will be fine though

So what you're saying then macca is that in many ways buying a house is a lot like buying a football club?  :D

Thats why I said MOST BLOKES mate

They said on GMTV this morning that they will be honouring all mortgage offers.

But we're talking about me here Birdy...with all the luck I've had since february I wouldn't be surprised if it goes tits up again!

Then you are due for a break. Don't worry about it. They are quite confident it's not going to affect existing customers or those with mortgage offers

Like Macca said, actually the fact that the Bank of England are prepared to lend to them is pretty much a guarantee that they're fairly solid. It's the ones that need a facility from the Bank of England and don't get it that are going to go down.

Were still finding houses that will take a stupid offer at the mo, the government is fucked if they let the housing market go

presumably if you are with northern rock it could work in your favour - if you owed 100,000 but you could borrow 70,000 from somewhere else I wonder if they would take that if they are desperate.. or is it only ken bates that can do that.

does anybody have any dealings with National Home Buyers?

ok it's the last resort i know but my house has been on the market for 8 months and i'm seriously fucked off with it.
i'm now divorced etc and the house is the only tie.

It's on the market for £140k (reduced) and we have an outstanding mortgage of £126k.

i'm half tempted to contact them and if they give me an offer which covers my mortgage at least, i'll snap there hand off as i'm pissed off with paying for it still (as is my ex)

I would shocked if they offered you anywhere near its worth - I believe their offer is around 50% of its market value

 :shock:

fook that then

They act like we do, they will offer no where like 140k mate, more likely 110 - 115

It may be worth a go all the same-nothing ventured nothing gained, but be warned their offers may offend

if i'm not going to get anywhere near the value or even enough to cover my mortgage they can get fooked.

if the mortgage rates weren't so shit i'd buy my ex out and have the house to myself

Guys I'm afraid this has been blown out of all proportion.  Justin Urquart-Stewart was trying to educate the masses this morning about this "crisis" but his words fell on deaf ears.

Northern Rock have a cash flow problem caused by the fact they actually finance mortgage offers on short term contracts (unlike other banks/building societies), the loan from the BOE is not so the company survives, it's just t ashort term loan to gain a bit of liquid cash.

Mortgage customers will probably face a slight increase in interest rate from Northern Rock (although not too steep otherwise NR will become uncompetitive), and savers will be fine too.

Yet again the media get hold of a story and whip it up into a frenzy, they did the same with Property funds in the summer, and with Trust investments previously.  

Chill out people.

Ha ha. All the hype about that was hysterical.

We had millions switched from Property into Fixed Interest and Gilts and then fuck all happened.

Stupic media wannabe-economists.

Especially if you knew the reason for the other companies switching pricing strategies, you'd know not to get to worried about it.