Liar Loans

Emy1501

Default rates on liar loans in 2008 were 14.5% whilst they were 5% on 90%+ mortgages. Thats why liar loans are being baned.

If people had the sense to lie only enough to borrow money they could afford there would have been no problem.

In todays market of 5xjoint mortgages etc I'm not sure why liar loans are really needed. People should be able to prove income whether be tax returns, yearly payslips, bank accounts ec

PasturesNew

Blacklight wrote: »

It's irrelevant, in a few years you will be earning much more.

That's a nice concept, I'd be happy with earning what I was in 1997/1998, or even £10k less than that would be good.

Or what I was getting in 1998/1999 - 40% less than that is more usual.

Or what about 1999-2000, I'd kill for half that.

Then 2000-2001.... If I could get a job I'd now be on 30% of that.

In fact, let's look at what I was earning in 1985 ... £15k. That'd be nice now!

dave4545454

PasturesNew wrote: »

In fact, let's look at what I was earning in 1985 ... £15k. That'd be nice now!

we'd all love to be earning that sort of money but it's unrealistic for most of the uk.

Cleaver

PasturesNew wrote: »

That's a nice concept, I'd be happy with earning what I was in 1997/1998, or even £10k less than that would be good.

Or what I was getting in 1998/1999 - 40% less than that is more usual.

Or what about 1999-2000, I'd kill for half that.

Then 2000-2001.... If I could get a job I'd now be on 30% of that.

In fact, let's look at what I was earning in 1985 ... £15k. That'd be nice now!

But as we've discussed a hundred times on here Pastures, your experiences of wages and career progression aren't really representative of most people.

Sibley

There is not a person or a business in the world that has not massaged their figures when applying for credit.

chewmylegoff

Sibley wrote: »

There is not a person or a business in the world that has not massaged their figures when applying for credit.

yes there are - all the people who actually meet the lending criteria and therefore have no need to lie to anyone. i've never had a problem getting the credit i wanted on the basis of my actual earnings.

Sibley

yes there are - all the people who actually meet the lending criteria and therefore have no need to lie to anyone. i've never had a problem getting the credit i wanted on the basis of my actual earnings.

Fair enough but they way housing rose over the last 10 years I bet you now wished you'd lied and got a bigger house.

You'd be rich now.

Graham_Devon

chucky wrote: »

i read on here that 85% of mortgages were Liar Loans

No, you read that research shows that 85% of self certified mortgages were not based on true figures (not that they had to be).

You have changed this, as you always do.

chucky

Graham_Devon wrote: »

No, you read that research shows that 85% of self certified mortgages were not based on true figures (not that they had to be).

You have changed this, as you always do.

brilliant, absoluletly brilliant. i make something up with no link to any fact and the Professor of Devonian Economics hunts my post down like bull to a red rag because he wants to pull chucky up on one of his posts...

tut, tut graham. i made it up for little frothing clowns like you to get little hard thing going...

i take it this post confused greatly too...

good point White Horse - if it was a joint application it would be two people so it could be double the 85% total

try harder next time

Graham_Devon

Cleaver wrote: »

But as we've discussed a hundred times on here Pastures, your experiences of wages and career progression aren't really representative of most people.

Oh they are.

Just that many are in marriages they don't want to be in and therefore have 2 incomes so it doesn't look as bad. Pastures isn't, so has to do it on her own.

Pastures earns (from what she has said) the same as any of our receptionists do. However, about a third of them spend all their time trying to avoid their husbands, whinging about them, telling anyone who will listen they wish he'd just leave. Of course, husband probably feels the same, and they both spend most of their time doing things without each other, like flatmates.

I went into one the other day to repair a laptop and walked straight into a house which is seperated. In the conservatory is a second kitchen, where he makes his bits of pieces in his microwave, his kettle etc etc, and has his own TV in there. He has the bigger bedroom. Wife, who's laptop I was repairing, has the smaller room, but has the lounge. They live together solely because they couldn't afford to live apart. They get on, they are not at each others throats, but was a bit weird.

No idea how common these sort of situations are, whereby people stick together solely for the income. But pastures wages are indeed more normal than many think, especially for all those in part time work, just she's not living with someone she don't neccesarily want to live with.