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  • #1

    Lifestyle quiz to secure a mortgage

    Lifestyle quiz to secure a mortgage

    This is a duplicate of the Blog Entry made on 25th April 2014 07:15.

    Mortgage applicants face tougher questions about their lifestyle, under new rules that take effect on Saturday. The changes are designed to "hardwire...

    Click to Read More...
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    Tags: applicants, applications, april, bank, banks, boe, cash, con, couples, crackdown, debt, debts, decline, discrimination, donation, employment, financial, home, house, income, india, insurance, interest, lending, life, loan, manipulated, mortgage, new rules, online, pay, questions, reading, repayment, rules, savings, scams, security, size, spending, trace, unemployment
  • #2
    Re: Lifestyle quiz to secure a mortgage

    Just reading this online..... Ouch!!
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    • #3
      Re: Lifestyle quiz to secure a mortgage

      The property rental sector must be rubbing their hands together after this, all of a sudden the gvt realise that once interest rates start go up which they will because they falsely link (fixed) unemployment rates to the interest rate that there will be choppy waters ahead - again. I know the gvt say that the BoE control interest rates but does anyone really believe that?




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      • #4
        Re: Lifestyle quiz to secure a mortgage

        I've had a quick read of that and I'm not impressed. It's impossible to predict a mortgage applicant's future financial security. Will this lead to discrimination against young couples' applications on the assumption that the woman will stop work due to pregnancy?

        I noticed that the cost of haircuts may be included in the affordability stress test. In which case I haven't a hope in hell of getting a mortgage if the lender finds out what I pay for mine, and that's before I've had my highlights done Maybe they'll assume all men eventually go bald so they will have more disposable income as the mortgage goes along. It's a silly test and easily manipulated.

        I reckon this is all being done to prevent banks from being accused of irresponsible lending which has been a tactic used to stop repossessions in the past.

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        • #5
          Re: Lifestyle quiz to secure a mortgage

          That was my first thoughts. Basically go frugal for 6 months prior to buying a house to show you spend nothing. Take a couple hundred cash out so as they cannot trace your spending at Chinese / Indian / pubs / lifestyle choices. Easy to manipulate I guess.

          However surely then EVERY RTB must decline based on affordability as the examples used within the article clearly say that if you plan on paying off a few debts with one smaller repayment that you might get declined even though you'll be better off.

          There's bigger scams out there instead of spending time on this joke.
          I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

          If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

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          • #6
            Re: Lifestyle quiz to secure a mortgage

            we defo wouldn't get a Mortgage, but the staff at bargin booze may if they can take our spending into account
            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

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            • #7
              Re: Lifestyle quiz to secure a mortgage

              Originally posted by Never-In-Doubt View Post
              go frugal for 6 months prior to buying a house to show you spend nothing.. . . . Easy to manipulate I guess.
              Another way to work the system is to build up a positive financial profile by taking out a small life insurance, transfers to an external savings account, drip-feed an ISA all of which will show on bank statements as direct debits; then cancel the lot once the mortgage has been granted. Maybe make an online donation to the Tory Party just to add to your angelic psychological profile

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              • #8
                Re: Lifestyle quiz to secure a mortgage

                Want a mortgage? Don't eat steak! Bizarre questions in new home loan crackdown - Read more HERE at AAD Blog pages
                I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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