Mortgage refused after agreement in principle

Conrad

grey_lady wrote: »

But people do weekly commutes all the time, some people work from home and live far away from the office - thats really not all that unusual.

New FSA rules are causing all sorts of perfectly credit worthy people to be declined.

A classic right now is the general refusal to accept interest only.

Lets say you are getting divorced at age 57 and need a mortgage - I see this sort of applicant daily. Many lenders will now only lend to age 65 (after this age you are somehow suddenly dumb and incapable).

Now because they insist on a repayment mortgage the case fails on affordability (8 year term too short).

Again less than 1% of homeowners ever get repo'd. This sort of applicant in the past in the main would not have ended up in difficulty - they would later trade down / meet a new partner and joinn resources / get an inheritance / let out a room etc etc. Again 99% would have made it work.

Now thanks to the FSA such people are routinely declined. Note many do not have much in the way of pension - nothing new there either, but in the past they in general would have sustained the mortgage.

Mow Nanny knows best for us all even though less than 1% of us ever get repo'd.

Now they have to rent - society is returning to Vicxtorian wealth devides.

FRAUDBUSTER - one day I promise you someone close to you with a perfectly sustainable application will be declined - then you will realise life is not black and white and stop being so smug.:rotfl:

Jonbvn

Conrad wrote: »

Thje FSA are utterly out of touch. When I meet thier staff they are nearly aqll identicate clone middle class white people who do not have a clue about the real world.

Award for gross generalisation of the week.

Sorry but it sounds like you are ranting.

Thrugelmir

Jonbvn wrote: »

Award for gross generalisation of the week.

Sorry but it sounds like you are ranting.

I thought this comment showed a degree of immaturity and a complete lack of financial understanding.

Lets say you are getting divorced at age 57 and need a mortgage - I see this sort of applicant daily. Many lenders will now only lend to age 65 (after this age you are somehow suddenly dumb and incapable).