Ant

Just wondered if i was in one of these banks that went under , what would happen to my loan or mortgage or any sort of borrowing for that matter?

Sonic'

Ive started to wonder about that too

My mortgage is with a very small building society that only has 5 or 6 branches

stevebt

iTrader: (8)

If your bank did go under? someone would take it over at what ever price they could get it for and your debt would be transfered to them.

Wenker Man

Just remember who has the title deeds to your house. The lender. They literally own your house until that debt is paid.

If they go under they sell your debt to someone else. As the money owed on your house is part of their assets.

(by the way, I call a mortgage a debt, as it keeps a bit of reality to the situation, if you get my drift )

Sonic'

Yep, I know that mortgage is debt, and generally the largest debt that most people have

Good point about the title deeds though, I think I will check into my Building Society and see who funds them

boxst

When I changed mortgage (from Yorkshire to ING), Yorkshire sent me all the deeds etc...

I take it they shouldn't have done?

Steve

David Lock

If your mortgage is taken over is the new "owner" obliged to stick with the same rates?

I have a lifetime fixed rate of 5.99% which I am quite happy with and don't want it changed. dl

RB5SCOTT

It is complete bollocks when you think about it

You have £100 grand in the bank, they go under, you get shafted

You have a £100 grand mortgage, they go under, you still owe them money

PaulC72

lol.

We have our deeds to our house too, I think some places changed polices and let the mortgagers look after them and then just charge a release fee at the end of the term instead of having to keep them save at the bank.