MONEY MORAL DILEMMA. Should Margaret let Nick remortgage to back her new business?

relaxtwotribes

hundredk wrote: »

Along with other factors, lenders determine the amount they lend by formula, ie 3x income.

In your post number 39 you say:
"Nicks lender is willing to lend the £60k because it is secured against the property"


You don't know what you are posting, so best keep quiet for the benefit of others.

hundredk

relaxtwotribes wrote: »

In your post number 39 you say:
"Nicks lender is willing to lend the £60k because it is secured against the property"


You don't know what you are posting, so best keep quiet for the benefit of others.

I think you'll find most mortgages, as well as many loans are secured against a property. Are you suggesting something to the contrary?

Are you saying that if a bank decides a borrower can afford a payment then the bank is always right and therefore the borrower need not have any concerns about default??

Get real - many borrowing have got into a position where they are unable to pay the loan back because the lender has given too much credit to start with.

I assume you have the real reason (but decided not to post it) for all the recent mortgage defaults and will now enlighten other posters as to why a bank would not lend irresponsibly?