For those people who have offset Northern rock mortgages?

I have deposited a lump sum to offset my Northern rock mortgage - does anyone think I need to be concerned about it? I am effectively a saver and a borrower and it was arranged that I could withdraw the funds at any time. Should I?|||That is a good point. If the bank goes down then they might say that you still owe the full amount of the mortgage, not the net amount.


You have to look at the fine print of your mortgage agreement, and possibly get a lawyer to take a look as well.





But my advice would be to take as much money as possible, because you have very little to lose.|||Hello,





Have a look at the Financial times.





Yes Northern Rock have approached the Bank of England and yes now would probably be the best time to consider purchasing shares in the Company.





The Company has a strong balance sheet and a strong client base but what it doesn't have at present is great profitability and because of this it is having great difficulty meeting its short term borrowings and commitments. The idea behind them approaching the bank of England is to refinance and potentially solve this problem with the future markets looking uncertain.





Its an age old scenario.





Its like having three acres of land but only a small amount of income. How are you going to live and pay the bills ?





If they start selling their book debts and assets then start getting concerned but judging by the fact the Bank of England have agreed to help out then that should tell you everything you need to know.





Until then sit tight.





Hope the above makes sense and is in people speak instead of the city talk you tend to get from analysts.|||No,


Northern Rock is owned by the Commonwelth Bank of Australia, and they own a lot of other banks around the world, Clydesdale in Scotland for one.


So I can't see why the big bank would let one of it's companies go under (like them..tahdah!!!).|||No i highly doubt there is anything to worry about Northern rock is a stable and strong company it has only borrowed money from the bank of england because of the volatility in the american sub-prime markets, it hasn't even drawn down the money it's a way for them to protect PROFITS not to stop the company going down.


so nothing to worry about at the moment but that isn't to say it's definite as anything could happen any time.