What could happen to my mortgage with Northern Rock if they become bankrupt ?
Northern Rock, nor any other bank or building society in UK is ever going to go ‘bankrupt’. Why is that? Put simply, all banks must deposit with the Bank of England, sufficient cash to keep them afloat if things go wrong/bad. The Bank of England with it’s massive funds has stepped in and is supporting Northern Rock and will continue to do so. What we are talking about here is the full might and power of the British Treasury [Guarantee] in the shape of the Bank of England. Those people who are withdrawing their savings from Northern Rock, know little or nothing of the banking system. The Bank of England and the City of London is the leading powerhouse of the Global economy, and Northern Rock can and will be supported. Your mortgage with Northern Rock will remain intact. Edit: Start buying Northern Rock shares when their price hits rock bottom. You’ll make a killing either way, if the shares zoom up or another bank buys Northern Rock. I bet right now every bank worldwide is doing deals t
