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If a U.K bank collapsed

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jkelly24 | 14:32 Sat 19th May 2012 | Personal Finance
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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
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You'd still have to pay it. Think back to Northern Rock a few years ago.
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.
Your mortgage is an asset of the bank - other banks would be willing to "buy" it if the government didn't step in.
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Thanks everyone didn't think for a minute SandyRoe I would get away without paying it!
I wasn't suggesting that you were. But, it's a nice thought, no more mortgage.
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If a U.K bank collapsed

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