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New mortgage application process

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By *icketysplits OP   Woman
over a year ago

Way over Yonder, that's where I'm bound

What do you think about the new questions being asked of mortgage applicants?

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By (user no longer on site)
over a year ago

I think it's absolutely fine. If you want to borrow someone's money, they should have the right to ask you whatever they want.

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By *isscheekychopsWoman
over a year ago

The land of grey peas and bacon

Saw that asking more about your outgoings asking how much you spent on your hair...etc I can imagine if they ask me about my make up and clothes...I can see the point as it's about affordability and being able to afford the payments along with cutting down luxury out goings etc

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By *0hnnyBrav0Man
over a year ago

Great Wyrley

This has already been implemented by alot ofhigh street lenders already but just never publicised I dont think.

it just minimises the lenders risk.

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By (user no longer on site)
over a year ago

Good news for rental landlords

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By *icketysplits OP   Woman
over a year ago

Way over Yonder, that's where I'm bound


"This has already been implemented by alot ofhigh street lenders already but just never publicised I dont think.

it just minimises the lenders risk."

It has been rolled out slowly ready for full implementation tomorrow.

When I applied for a mortgage 20+ years ago I was asked to do a list of my monthly spend and the mortgage adviser went through things I might consider giving up.

I don't think it's a bad idea but I do wonder about setting the lending based on that without considering that people might give up things in order to buy.

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By (user no longer on site)
over a year ago


"I think it's absolutely fine. If you want to borrow someone's money, they should have the right to ask you whatever they want. "

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By (user no longer on site)
over a year ago

rental landlords are under pressure with the energy rating and insulation checks, the banks have profited by being reckless and are now having to be wound in, its ironic that a new borrowing philosophy is brought in on the run up to an election

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By (user no longer on site)
over a year ago

[Removed by poster at 25/04/14 18:21:37]

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By *iewMan
Forum Mod
over a year ago

Angus & Findhorn


"I think it's absolutely fine. If you want to borrow someone's money, they should have the right to ask you whatever they want. "

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By (user no longer on site)
over a year ago

When I took out my mortgage they asked me to include everything in my outgoings. I think it's the only right way of doing it.

A lot of people borrowed up to their maximum a few years ago, were they allowed something daft like nearly 5 x their joint annual income? Or have I got that wrong? Whatever the amount was I know that many of them have had to sell at a loss!

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By (user no longer on site)
over a year ago

Eh? What is the point of the question? Or the debate? There were some stoopid lenders in the recent past who lent x times y without investigating. I believe it shafted them and their customers. Surely you would not want to take on a loan beyond your means?

Victor Meldrew

National Debt Limits Apply

And Personal Debts Get You Shafted

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By (user no longer on site)
over a year ago

Despite my earlier post, an interesting anecdote.

I lived in Ireland, temporarily, back in 2010. The banks there wouldn't recognise my uk credit rating and therefore would give me nothing more than a basic current account. No overdraft, loan, credit card etc.

Daft thing was the sheer amount of questions I got asked on affordability grounds (go figure!), My favourite was how much did I spend on washing powder every month. I was earning a very significant salary (six figures) at the time, and despite me not getting any credit, they insisted on knowing the answer to that!

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