'Darling buds of decay'
~ Northern Rock part 2 ~
Please Note : > This review is based on the Northern Rock fiasco <
Are we about to see more long queues outside Northern Rock again, like in September 2007? Now that the head of department has gone 'the fall guy'; we could now be witnessing ... Read review
Advantages: Blue-chip company status Disadvantages: on the ropes
...buds of decay'
~ Northern Rock part 2 ~
Please Note : > This review is based on the Northern Rock fiasco <
Are we about to see more long queues outside Northern Rock again, like in September 2007? Now that the head of department has gone 'the fall guy'; we could now be witnessing a reality check credit carnage worse than Barings Bank. I am now feeling sorry for Mr. Adam Applegarth (the fall guy) which is highly ... .../>
Northern Rock shares are lifeless in the market and scarcely rising to any form of normality. This is just 2 months on from their 25 billion government payout stroke intervention. Yet it looks like it was just a waste of money. Something that has been very much part of Mr Brown's government. This fiasco looks to have super-seeded the biggest joke, the 'Millenium Dome' by over 25 times.
'Darling buds of decay' ~ Northern Rock part 2 ~ Please Note : > This review is based on the Northern Rock fiasco <
Are we about to see more long queues outside Northern Rock again, like in September 2007? Now that the head of department has gone 'the fall guy'; we could now be witnessing a reality check credit carnage worse than Barings Bank. I am now feeling sorry for Mr. Adam Applegarth (the fall guy) which is highly unusual for me; as since his resignation nothing has changed.
Northern Rock shares are lifeless in the market and scarcely rising to any form of normality. This is just 2 months on from their 25 billion government payout stroke intervention. Yet it looks like it was just a waste of money. Something that has been very much part of Mr Brown's government. This fiasco looks to have super-seeded the biggest joke, the 'Millenium Dome' by over 25 times.
I did say in my first review that Applegarth would become a 'household name'. I, at the time forgot that financial institution heads do not get involved with the media circus and usually mince off into the shadows with a hefty pay-check to help them through the difficult period of watching daytime tv. It really is my understanding with many financial institutions that the heads are 'faceless', I suppose it comes with the territory; or because they are spineless and hide behind 4pt fonted legal matters that is so evidently part of the whole institution, rather than an individual, however spineless and clammy their hands are. I recommend Applegarth should send an e-card to Mr.Darling this Christmas it is less expensive.
I also mentioned there was a link to new laws on 'the power of attorney' in the last review that commenced on 01/10/2007. Government shot this crucial reform through without a hiccup or without hardly any media coverage, except on 29/09/2007 a 3 minute 'after thought' on the news was shoved through. Leaving less than 48 hours for any-one to do anything about the looming 100 GBP fee. Congratulations, Government and the BBC working in tandom, it certainly makes a change. The words 'pie' and 'slice' in the same sentence comes to mind. - So what has happen since?
- The Northern Rock decay -
The onslaught regarding to market shares has plunged another 16% recently and has acted as another hammer blow to Northern Rock bank's survival chances, which is worth a bet by the way, for those wanting to reclaim some lost pension back.
This is when reality surely has hit the fan; despite all the hype and September media coverage stating to customers and savers that the forecast is good, and that it is all just a blip; appears to be incorrect. Working Lunch has a crazy oufit of presenters who constantly give out wrong material to serious investors; Northern Rock's report exemplifies that notion when one supposedly dozy expert claimed that time was the essence and everyones' hard earned cash will be safe. It comes to no surprise that it appears to be not the case.
Northern Rock shares has dropped so far in value it's become a shadow of it's formal self. It cannot go on as it is going and surely there has to be a cut-off point, also the 25 billion government cash injection is not an ongoing reward scheme the government can reward them with, though it could be a good time to put a 'for sale' sign up and see who comes knocking.
- The decay deepens -
Today 20/11/2007; the stockmarket values the bank at just under £470m. That ranks the banking giant as a much smaller company; yet this is a company still is on paper included within the FTSE 100 index which is regarded as the largest blue-chip businesses in Britain.
Unbelievably, many experts are still pointing the finger at the Bank of England and the Financial Services Authority (FSA) for failing to rein in Northern Rock's aggressive expansion in the mortgage market, as stated in my original review; and an investigating report is due in 01/2008.
Notably the US financial market has played a big part in all of this as the 'credit crunch' will inevitably hit UK households for up to an estimated 2 years. In which time growth will be small - but no recession. I've been very aware that economists do not like to use words such as 'recession'. However, it does sound so theatrical.
I also mentioned that, last October 2006, 150,000 low-income families lost their hard-earned Christmas following the collapse of disgraced hamper/voucher firm Farepak. - yea, this has reared up again recently due to Northern Rock's circumstances; as no-body has received any money as yet; due to this, many families paid out in credit last Xmas and spent over a year in paying it back. This left some of the country's poorest people nursing a loss of £45 million.
The government has become questionable to extreme double standards; they have forgotton these people and the majority of which voted for labour in the 2005 general election. It is really sad.
Northern Rock's demise looks worrying for the credit hungary souls; it is a lifestyle that has engaged the Western world for many years. It could be time for change, but that could been even more woes. Wages do not match-up with responsibilities, such as normal living costs and family expenditure. Something has to give. Rewarding loyalty is a starting point, but not in shares Northern Rock.
- Trading lottery -
Northern's trading in the shares market has turned into a crazy horse race lottery fiasco. It is making the investors very nervous as they are not gamblers. It has become dementing, because the market you are buying into does not exist, and therefore has developed into a cash cow 'black hole'. Just remember this Barings Bank was bought for £1.00! - Due to the chronic state of Northern Rock's shares, they should be suspended till further notice. If this was a boxing match the towel would of been thrown into the ring by now.
One last thing, "Mr. Darling, can you please refrain in your seat, you are making me very nervous.
Thanks for reading this review. CIAO - 20/11/2007 - copyright 1st2thebar
Advantages: Easily understandable and good rates Disadvantages: Bit Slow
Northern Rock are one of the cheapest lenders around for mortgages and even if you have credit problems in the past they will still help you. We took out a together mortgage with Northern Rock some three years ago and opted for the fixed rate. Obviously like all other lenders on fixed rate if you decide to move or sell up prior to the end of term then there is a retention figure to pay which in our case was as much as £3,000. Anyway they tell you ... ...The only downside of Northern Rock is that as I said they are slow. We took out a secured loan with another provider to do building works and Northern Rock confused the whole situation to be honest. There was confusion as to what the property was actually worth. The property on the open market is worth what its worth, but Northern Rock only state the rebuild value when supplying information to the secure lender and this caused no end of problems. ...
883girl 19.07.2007
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Ciao members have rated this review on average: very helpful Review of Northern Rock Mortgages
Advantages: Very Flexible, Reduced years off term Disadvantages: Haven't encountered any yet
...saw an advisor who recommended Northern Rock and he also informed me that Northern Rock could lend up to 30% more than the value of the property, which meant that I could consolidate my loans also, further reducing my monthly outgoings. I also had to pay a redemption penalty to my previous lender, as I didn’t stay another three and a half years to pay their extortionate rates. I ended up borrowing an extra £10,000 to cover the penalty and to ... ...twenty-five years, changing to a Northern Rock mortgage has given me flexibility I’d always hoped for in a mortgage. I went for an accelerated payment option which means that thirteen months worth of premiums is paid during every twelve month period but you don’t notice that you’re paying the extra as it’s already included in the monthly payment which is only £40 more per month than my old mortgage. I don’t know anyone ...
joannavos 12.03.2001
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Ciao members have rated this review on average: very helpful Review of Northern Rock Mortgages
Advantages: quick service - good customer services - flexible mortgages - will lend over 100% to first time buyers Disadvantages: hidden costs
...to the adviser he recommended Northern Rock - mainly because they were the only provider who would touch me with a barge pole. Northern Rock were prepared to offer me 95% of the purchase price as a mortgage secured on the property, which meant they would give me £175,750 on a fixed rate for 7 years based upon an interest rate of 4.71%. In addition, they would also give me the option of taking out an unsecured loan or £19,250 that would be tied to ... ...ahead with the mortgage with Northern Rock and provided proof of earnings - a copy of my passport - the completed loan application and a cheque to cover the Northern Rock survey - £275. The survey is a standard price and basically ensures that you are not applying for a £500,000 on a house worth £10. This survey does not cover you for any structural defects so it is also adviseable to commission your own independent surveyors report.
On the day ...
ladyboymondaytofriday 03.04.2006
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Ciao members have rated this review on average: very helpful Review of Northern Rock Mortgages
Advantages: Split Endow and Repayment plus extra for you Disadvantages: a little slow getting quotes in post
I have been in the process of finding myself a new mortgage as i am about to move home. Having searched through several mortgage lenders i came across the idea of getting a mortgage with NR, considering i already have a load with them it seem a good idea to use the same company. I applied on line and within a few days i had a phone call from NR to discuss my requirements.
I was introduced to all the different types of mortgage available and each ... ...to offer the best valuie for money for me. Being a man on a not over the top salary i have to be carefull about what i fork out and within minutes i discovered i could take the current loan and mortgage and addthem together saving me £195 a month. Ok the mortgage cost went up but so dod my maximum allowed for my mortgage, at the end of the day i am paying out nearly exactly the same amount per month in total bills and moving from a £34,500 Endowment ...
JasperUK 10.05.2001
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Ciao members have rated this review on average: helpful Review of Northern Rock Mortgages
Advantages: extra unsecured loan available, fixed rates Disadvantages: interest rate slightly higher than average
...purchased a house with a Northern Rock Together Mortgage. The description from Northern Rocks' website of this mortgage is:
Together is more than just a flexible mortgage.
It gives you the money to buy your home as well as a cash reserve to give you money for the things you want.
All at the same interest rate.
It's ideal for first time buyers and it's flexible, so it changes as your life changes.
A together mortgage adapts to your needs.
From ... ...bigger place, extending your home and providing extra cash when you need it. Or simply switching your mortgage from another lender, to take advantage of together's features.
Why did we choose this mortgage?
We fell in love with a property that needed quite a bit of work carrying out (new kitchen and bathroom etc). This enabled us to borrow extra money at the same rate and over the same time period as the mortgage, but the loan was not secured on ...
smellyhelly77 24.08.2006
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Ciao members have rated this review on average: helpful Review of Northern Rock Mortgages
Quality of Customer Ser...
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Advantages: instant access*, 6.5% interest, £1 min bal.opens faster than you think!! Disadvantages: none that I can see so far..
What!!! I hear you say..postal banking faster than e-banking.. read on. I guarantee this is not an account to be taken lightly!!
I am familiar with NorthernRock's products and services through having a mortgage with NorthernRock so I decided to check out their savings rates. One reason that prompted me to look into postal savings is due to the sheer slackness of some of the e-bankings accounts I have used recently (see my opinions on internet banking).
I have been with NorthernRock since 1993 (prior to their conversion) and they have always offered fantastic rates on both mortgages and savings. It is now in a more favourable position as it has become one of the UK's 11th largest banks offering high performance products by using cost effective methods..read on?see how.
Since the conversion of NorthernRock BS to PLC in 1997 ...
Connoisseur_Haggler 26.11.2000 (31.12.2000)
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Ciao members have rated this review on average: very helpful Review of Northern Rock Accounts
Advantages: POSTAL AND INTERNET BANKING Disadvantages: LACK OF BRANCHES
I?ve been having some problems with Internet security and under advice I decided to move my almost insignificant funds from an Internet account into a more secure scheme. I thought of postal banking. My father bless his soul came up with NorthernRock. A building society that became a bank, it is now the 8th largest UK quoted bank by market capitalisation and in the FTSE 100 companies on the London Stock Exchange.
I checked out the website at www.northernrock.co.uk . It offers a friendly and simple front end, the user interface becomes increasingly complex as you search for your specific product. The site HOME page offers the usual Help and Contact details.
PRODUCTS
Financial products fall into 4 major categories mortgages, savings, loans, and credit cards.
CORE BUSINESS - At 56 branches, postal, telephone and Internet ...
Advantages: Low APR, Helpfull Staff Disadvantages: Too quick to place a block on the account
I took a mortgage with northernrock when i was 20 and was too young to have the "together package" with the card, i did however take a credit card as a seperate item, it still has the same low APR as my mortgage and a good credit limit. I have found that although NR can jump the gun a little and block the account when you are a few days late with a payment it is made up for by the helpfull and friendly staff i have dealt with over the last 2 years. I have gone over my limit a few times (My own fault) and i was charged a reasonable amount; no more than any other provider. All in all i am happy with my NR credit card and dont see a need in the near future to replace it with another ...
flexible, available for 95% mortgages, interest calculated daily, no arrangement fee, no indemnity premium, no tie in period, online/ telephone 24hrs
lacks personal touch, not available for 100% mortgages, (mortgage deeds not stored), may not suit older persons i.e. up to 65 years due to age restric (*)
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