Good post

I’ve just written this:

www.moneyfactsgroup.co.uk/reports

Now from our research mortgage lenders are pulling deals at a rate of knots. From 16,000 last summer to just over 5,500 today, there is little choice out there. Smaller building societies are restricting business to local people only, while bigger banks are charging whacking great fees….£1,000 + …just to arrange the mortgage.

I’m currently s**tting myself about getting a mortgage – my 5% 2 year fixed rate expires in 3 months. I bought with a friend, and he’s pulled out – meaning I’m up s**t creek. With house prices falling I’ll soon be in negative equity territory, a scary thought.

Anyway regarding Northern Rock the Government says it wont be competitive, but we compile best buy charts on a daily basis. Should it position itself at #5, if deals above them are withdrawn, it shoots up the table. So they set rates higher to compensate? I don’t think so.

Where’s the regulation? It’s regulating itself. Pay it all back by 2011? Yeah right.

At the end of the day we all may ‘own’ the bank, but we are all paying an additional tax to pay ourselves back.

Posted By: Stoopish, Apr 1, 09:13:53