If a U.K bank collapsed

jkelly24 | 14:32 Sat 19th May 2012 | Personal Finance

6 Answers

Just out of curiosity if a U.K bank collapsed our savings are protected up to a certain amount but what would happen if you held a mortgage with that bank? Many thanks in advance

PENSION CREDIT.

Debt to Housing Association

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sandyRoe

You'd still have to pay it. Think back to Northern Rock a few years ago.

riptide

Same as Northern Rock, all the mortgages were maintained by the Government and then would be taken over by whatever party eventually takes over the Bank.

hc4361

Your mortgage is an asset of the bank - other banks would be willing to "buy" it if the government didn't step in.

jkelly24

Question Author

Thanks everyone didn't think for a minute SandyRoe I would get away without paying it!

sandyRoe

I wasn't suggesting that you were. But, it's a nice thought, no more mortgage.

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