After the huge bail out some time ago the original bank that needed support from the Government and Tax payer was the Northern Rock. But recently it has been criticised throughout, by charities and customers a like and now the newspapers are reporting the issues. It has been reported that you are twice as likely to have your home repossessed if you have a mortgage with the Northern Rock than anyone else.
Charities have claimed the North Rock will nothing by this aggressive stance as the homes at this point in the market have little value, not only to reply the previous owners but the North rock themselves. Far better riding out the storm is the message, when home prices will have increased and if repossession is still the only answer, then both parties will have benefitted.
Of course these claims are made from outside the business and Northern Rock clearly has a responsibility to the tax payer to repay the money lent to them in the first instance.
As for new mortgage hunters who can get a loan to buy their home, it is very likely that this news will scare them away to other lenders, again reducing the customer base of the Northern Rock.
It may be worth asking you rindependant mortgage broker when seeking advice, how this news may affect you and your financial security.
We were told to remember eth date. The 13th of October will go down in UK history as the day the government pretty much nationalised most of not all of the high street banks. The financial system was so bad, that many high street banks and mortgage lenders went to the government cap in hand and said, please give us some money. Billions of tax payers’ pounds were injected to keep these banks afloat, but it came with conditions.
First of all many top men lost their jobs and their bonuses, but also there are conditions that lending returns to the levels of 2007. There is the hope that many mortgages will return to the table and because the government will guarantee funds for bad loans confidence will grow with both consumer and financial institutions.
The stock market did increase after the news, but it is still early days to see if mortgage lenders do feel confident enough to reduce their conditions of the loan and increase the customer base and improve availability of mortgages throughout. There is still a woryy though that building societies and banks will follow the goverements requests and not make a mockery of the tax input.
With house prices now really low, having access to a mortgage may mean god bargains out there as well as pressure to drop mortgage interest rates even further, even though inflation is at high levels.
Let’s see if the confidence grows and those who have turned to renting do get their mortgage and dream home.
At  Mortgagebam we don’t offer advice on Mortgages because we are not qualified to do so, but we do aim to point to people who can, that includes the mortgage brokers and advisers on our site but also other internet information , so you can use their advice to improve your mortgage decisions.
Today the source of your mortgage information is from the BBC who has produced an article explaining the different types of mortgages. Â As we know borrowing money for a home over a long period of time is substantial commitment and decisions made toady can affect you for 24 years or more.
The BBC covers these types of mortgages (These links below go to our pages not BBC’s)
They also talk about the governments 10 questions you should ask and the FSA’s rules. You can read the article direct from here. Understanding Different Mortgage Types
MortgageBam is being created at one of the most significant times in financial history since the 1929 wall street crash. The USA housing market started to slump a few years ago, now to the point where $700bn needed to be pumped into the American banks to keep them afloat.  Troubles have not been restricted to the USA, banks from around the world stated to crash, from North Rock in the UK, to just yesterday, where an Icelandic bank just folded. Even the Russian stock market was closed for a period yesterday as market shares dropped in value by 50%, so much is the fear of all investors.
This has a direct impact on the mortgage market, with consumers unwilling to take on mortgages, even if the banks were prepared to lend the money in the first place. When they both do come together the interest rate and deals, do not match anything like the deal they may have been able to get 2 years ago.
The aim of MortageBam is not to advertise super mortgage deals, but to out you in touch with mortgage advisers who can advise on what deals are available in these difficult markets and give professional face to face advice. We hope that there is a need for the service especially in a difficult mortgage market as well as a good one. Even if the news you get from the mortgage advisers is not good, at least you will know you got professional support and know the facts.
Hi and another welcome to MortageBam. Don’t take this the wrong way but we hope that you do not find us at the moment as we go through the development of the mortgage adviser location service site.
It is important that we word our pages correctly so as not to confuse our visitors on what we actually do, but at this time we feel that much of the wording is incorrect and give the impression, that if you use our service we will find you some amazing mortgage deals, which under the current climate is unlikely.
The fact is we don’t supply mortgages at all, or even have any association with any mortgage provider of even financial adviser. We are a lead generation platform that puts consumers in touch with mortgage advisers, so it is important the wording on MortgageBam reflects this. It is also important that we are not seen as a mortgage advisory service, just merely a service to bring consumers and professionals together.
The mortgage market is regulated by the FSA in the UK, and so it is important we do not break any rules. So for now we do not have any mortgage advisers registered on the system, until we are up to date with the required terms and conditions and what we do, stated in very clear terms.
There are many places to get resulted advice; such as money made clear mortgages, which is regulated by the FSA and a good place to start to understand why often many who try to do it alone may make mistakes.
So if you have found MortgageBam too early, we apologise. Let’s hope we get this new mortgage website up and running soon and to the right standard.
