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The time now is 19-11-2008

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Mortgage Lender Going Bust - Implications

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Rayne Wooney
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Mortgage Lender Going Bust - Implications

With all these banks going under and bust, I wondered what would be the implications on a house owner who had mortgage with a bank/building society that then went bust due to the recession? Anyone advise? I'm not worried about it but me and the wife were having a discussion with all the recent goings on. We are just curious.
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07-10-2008

REG
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Joined: 04 Feb 2005
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As of now,there are no banks or building societies that have actually gone bust.If the banking system were to collapse then the country would be bankrupt as well.No government(including the shower we now have) could or would allow this to happen.
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07-10-2008

pjd1972
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The bank would be mafe to sell the mortgage part of the business to another lender, so i doubt you would even notice.
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08-10-2008

Beowulf
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quote:
Originally posted by pjd1972:
The bank would be mafe to sell the mortgage part of the business to another lender, so i doubt you would even notice.

i agree apart from your payments going up lol
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08-10-2008

pjd1972
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Joined: 17 Oct 2003
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quote:
Originally posted by Beowulf:

quote:
Originally posted by pjd1972:
The bank would be mafe to sell the mortgage part of the business to another lender, so i doubt you would even notice.

i agree apart from your payments going up lol

Ive a mate who has had 3 different companys take over his buy to let product in 18 months, still pays the same amount, but yes it can happen.
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08-10-2008

Dane-P
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Joined: 02 Apr 2003
Posts: 344
Location: UK

quote:
Originally posted by REG:
As of now,there are no banks or building societies that have actually gone bust.If the banking system were to collapse then the country would be bankrupt as well.No government(including the shower we now have) could or would allow this to happen.

Yep, quite right.

Hey Wayne-Rooney, nice thought but sorry mate you're not going to get out of paying your mortgage that easy! lol. Laughing

Don't worry about it though, we've all had the same thought Very Happy

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08-10-2008

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