Buyers Beware – How To Buy Northern Rock


Buyers Beware – How To Buy Northern Rock

Buyers Beware – “How do I buy it?” “What does Northern Rock have to say?” This article contains information about Northern Rock and a few possible ways of buying it. This article is written for the UK market. Adjustments and advice for US structure may also be needed.

Northern Rock is one of the UK’s biggest mortgage providers and is successfully one of the most secure, turned-around turnaround companies. Northern Rock has a financial stability score of 94, which is the highest in the UK. Their total market capitalization is £2.6billion, with $1.4trillion set to be invested in the US.

In March 2006, Northern Rock declared that the equity value of its mortgage portfolio had more than doubled in the previous year to £2.7billion. This reflected outstanding mortgage deals worth £0.9trillion, with large holdings of proven superior strata. Some analysts questioned the safety of a company so leveraged, with its capital valued at over £3billion. Others questioned whether the market would bear another sphere meltdown.

In July 2006, it emerged that Northern Rock had to sell off a £2.48billion mortgage on the basis that the borrowers were no longer able to keep up with repayments. This raised tariffs for 1,000 customers of Northern Rock.

In December 2006, the Office of Fair Trading told Northern Rock to remove its mortgage deals from the financial yellow Pages after benefitting from 100,000 “super-sc hurried” telephone calls. This was hardly a most hearty endorsement of the mortgage business.

In July 2007, the UK shadow home finance industry called for an investigation into the mortgage sector, after research began to show that brokers were concentrating on the turnover lending fast, relation avoidance at a particularly aggressive level. The UK Office of Fair Trading later globs the belt portion of its operation.

In the current market, the extension of loans at competitive rates has never been more important. Finally, in this article, we show how Northern Rock has arranged loans and how their offerings compare to leading Borrowers And Provsors.

The Financial Services Commission has taken action against mortgage brokers’ organizations in the UK. It is illegal for a mortgage broker to charge any fee for providing advice on a mortgage deal. Not so with Northern Rock.

3,000 complaints were made to the FSA. This is bad news, but we have also studied how the complaints have steamrolled in 2007. What this tells us is that Northern Rock has been Number One in terms of complaints for many years. In 2006, 533 mortgage-related complaints were made to the FSA compared to only 25 in 2005, and in 2006 alone, about 200 mortgage-related complaints were made in the majority of cases.

One of the first things we discussed with our Northern Rock colleagues was that some of the complaints had been comfortable, meaning that the borrowers could pursue the lenders directly. One possible reason for this is that some borrowers had decided to go to a different with their complaint.

The important point is that any borrower feels able to file a claim against the lenders, especially a high-profile one as for Northern Rock. This is also good news for the UK Consumer Financial Protection Bureau.

The financial weakness of Northern Rock goes back a long way. In 1999 they became the biggest provider of subprime mortgage-backed securities in the UK and became known as Northern Rock. They were taken over by the Bank of Scotland in 2001, which itself was taken over by the Bank of England.

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