After being unable to maintain the repayments on her GBP360,000 Northern Rock mortgage Christina Georgiou and her three children have been given just a month to vacate the property they once called home.
There are anticipated to be many thousands of people just like Ms Georgiou who have fallen behind on their mortgage repayments but the irony of Northern rock, effectively a government backed financial institution, throwing people out of their home is sure to stir up controversy.
A particularly relevant fact of this situation is that the Northern Rock lent the money not really knowing if the repayments were affordable. This is much like many other banks and building societies which will strike a sombre note for many observers who may now be expecting this scenario repeated across the country.
The Nationwide Building Society house price index showed a fall in property prices of 2.5 percent in May, making them almost 4.5 percent lower than this time last year.
Despite the falling numbers, when compared with two years ago house prices are still higher now than they were then. This reflects the dramatic price rises the country has experienced and may make existing property owners feel a little better since they can see that the value of their home is still very strong.
A Nationwide Building Society spokeswoman supported this view, feeling that the price reductions were of limited concern to home owners in the short term. As she pointed out it is only those who bought at the very peak of the prices who may feel a little concerned at the moment, though even then property in the medium to long term has always proved to be a good investment.
New from the Natwest Bank is a three year tracker mortgage that, as well as being free of fees, has a step down interest rate that reduces each year.
For customers looking at a remortgage there will be no set up fees, valuation or legal fees said a Natwest Bank spokesman. In addition it will offer customers the chance to move to a different Natwest mortgage (fixed rates only) should they feel it will be better value. This option is open to customers after three months.
A Natwest Bank spokesman said that this new step down mortgage they are offering will be met warmly by customers who are looking for a simple and straightforward deal.