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MSE News: Mortgage applicants to undergo IQ tests
Former_MSE_Steve_1
Posts: 79 Forumite
Beleaguered mortgage applicants are facing yet another hoop to jump through after it was announced that lenders may be forced to put their IQ to the test as part of stricter affordability checks....
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'Mortgage applicants to undergo IQ tests'
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'Mortgage applicants to undergo IQ tests'
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Comments
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"completely foolish"
April Fools? ;-)0 -
Another of those barmy pressure group ideas that are newsworthy in the morning but forgotten by lunchtime.I think....0
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Clearly an April fool but when you get people saying 'I was missold my mortgage because I didn't understand that interest only meant I was only paying the interest' then you do have to wonderI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
haras_nosirrah wrote: »Clearly an April fool but when you get people saying 'I was missold my mortgage because I didn't understand that interest only meant I was only paying the interest' then you do have to wonder
+1 from me :T0 -
I know it's a 1st of the Fourth Dunce thing, but it's what I have been calling for for years. We need a financial driving license.
Without it, you cannot apply for a credit card, but you can have a basic current/deposit account.
Passing Level I means you can get a credit card.
Once you are through Level I, you can sit different papers for different things, e.g. get a mortgage. Car loan is worth a separate paper, too.
Level II means you can trade stocks and shares.
Level III means you can trade more complex stuff, like futures, options, etc., as an investor, not broker.0 -
I think I would end up out of business :P
(Thats a joke).I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Its an april fool, but actually a good idea. Should also have a min IQ to be allowed to vote. Can't see Labour agreeing to it though, their support would disappear overnight.0
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We have to do this when we get our mortgage.
We have been studying hard, with the past papers given to us by our Estate Agent recommended-broker. They are very difficult, be very careful with the answers.0 -
Joke or not, it's actually not a completely terrible idea.0
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Oh dear, but imagine the controversy when people start to realise who is excluded...Should also have a min IQ to be allowed to vote. Can't see Labour agreeing to it though, their support would disappear overnight.0
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