FSA backs down on tough lending rules

Thrugelmir

Conrad wrote: »

Sure, but that's no reason to now endure overly tight RETAIL mortgage regulation which effectively forces millions of capable mature adults to rent

I suspect that the natural contraction in the lending markets will create a self regulating enviroment for a number of years anyway.

Conrad

DervProf wrote: »

I don't know the answer to your question.

What I object to is that employed, tax paying individuals have to "compete" in the property market with tax dodging individuals who use mortgage brokers who, how can I put this, are a little more "flexible" in their approach to finding a mortgage deal.

How is using legitimate allowances a tax dodge?

abaxas

What gets me is that people still believe that have a right to finance. There is no right to any service from another, if there was, slavery would be back.

Morality in the UK has all but disappeared.

shortchanged_2

Conrad wrote: »

Why?
Describe to me why having an ISA is better than making capital overpayments monthly?

Because it is open to abuse. People can easily use the ISA for a car purchase or holiday for example, the same with capital overpayment. The temptation can be too great for many people.
If it is properly tied into the mortgage in that it cannot be accessed for anything else then fair enough.

DervProf

Conrad wrote: »

How is using legitimate allowances a tax dodge?

It isn't. Did I say it is ?

I may have alluded to it. It has been said to me before that I can claim for this, that and the other against my tax (even though I'm not using this, that or the other as part of my business). I have also had customers say to me "nah, I don't want a receipt, don't give the tax man any of it". Tempting as it may be, I don't want the tax man giving me any grief, and one day I may want to borrow some money, so I give the customer their receipt.

Some would say I`m being a bit soft or naive, I'd say I was being honest. It also aids restful sleep.

chewmylegoff

Conrad wrote: »

How is using legitimate allowances a tax dodge?

it isn't.

however, the legitimate home as an office allowance for a black cab driver is probably about £2 a week.

chucky

i've used a broker, they got me a competitive rate that i couldn't get from the same high street bank.

they're also very useful as they take all the leg work out of you getting your mortgage, they're your beach to get everything sorted for you.
i'm happy to have paid a broker and they took out the pain out of having to deal with my bank or they're call centre.

DervProf

chucky wrote: »

i've used a broker, they got me a competitive rate that i couldn't get from the same high street bank.

they're also very useful as they take all the leg work out of you getting your mortgage, they're your beach to get everything sorted for you.
i'm happy to have paid a broker and they took out the pain out of having to deal with my bank or they're call centre.

FWIW, I think that's a fair and honest way to conduct business and employ a broker. And I dare say that a majority of people deal with brokers in exactly the same way, and for the same reasons. I do however suspect that a fair few use brokers for less honest reasons, and that's what I don't agree with.

ILW

I would suspect that if lenders were made to use tax returns as a measure of affordability, the tax take would go up substantially.

DervProf

RenovationMan wrote: »

That's a very 'geneer' sort of comment..... :cool: Almost as though you were geneer and getting so frustrated at me ignoring your geneer logon that you've started stalking me with this one. Carefull, if this carries on I may have to put this username on Ignore and you may have to reveal yet another nom de plume in order to continue stalking me! :eek:

The broker didnt lie about my income and neither did I, he simply has access to a larger number of mortgage products than I do, even if I had the inclination to plough through them. I'm sure you and some of the 'others' on here wish me the best with paying down the mortgage.

Again, fair enough. And yes, I do wish you all the best with paying off you mortgage, as long as everything was done correctly and above board when you applied for it.

I think you are getting a little paranoid about me. "Stalking" ? My "geneer logon" ? If you want to put me on Ignore, carry on. You'll find that I don't "reveal yet another nom de plume in order to continue stalking me!", as I have only one user account, and that is this one. I bet some other forum member then gets accused of being geneer or me, and off you go again. My first forum encounter with you included proving you wrong on a point you made, maybe that's got under your skin a little, hence the false allegations that you know I will find hard to prove incorrect. Personally, I would have admitted my error and moved on, but I suppose some people will continue to argue their corner, even when they know they are wrong.