mortgage fairness

Thrugelmir

javorb wrote: »

I ,i am just pointing out that at the minute mortgages are harder to get than a year ago.

This change will be permanent as available funds to advance continues to contract. Lenders are imposing far tougher internal risk controls which are permutating down to the leeway underwriters are given when processing mortgage applications. The result is that lenders can choose their customers. So the cleaner the credit profile the higher the possibilty of acceptance.

javorb

Not that the banks bother ,but how well have they performed before bail outs ,tax payers money has been attempt to stabilise them but in truth they are only driven by profits to pass to workers/shareholders.
If banks dont lend then the building industry will grind to a halt .London is the centre of all trading but what will happen after the olympics ,very little construction means more job losses .I have a few friends in the building industry and they are all struggling for work and having to travel at least 100 miles a day to get work and some working away from home.

Not to mention mortgage advisors ,packagers,solicitors,etc will all loose out as well as individuals as it seems application fees ,completion and exit tie ins seem to go up all of the time .

Dave_Ham

It is not a good solution, but they only way you will achieve finance now is a secured loan. The rates and fees with scare you, but they are what they are and it may give you an option.

They are a lot more flexible in criteria and obviously you retain your Santander mortgages + further advances.

Conrad

javorb wrote: »

my advisor is a close friend and he spoke to both mortgage companies ,ge money and precise before he submitted the applications and told them our situation,are we a bigger risk because we are paying our debt as to someone who walks away

I've pointed out on here a few times that many lenders will decline once they realise a dmp is in place. Often I see brokers saying a dmp shouldn;t be an issue, but it most deffo is for a variety of reasons.

Now there are a couple of small lenders that could consider this case - GE money are always a mare btw.
Ask you broker to get brokering!

Conrad

javorb wrote: »

If banks dont lend then the building industry will grind to a halt .

I've been making this point to MP's and the FSA. It's the FSA that are stopping you borrowing, not the Banks. Thier rules are so tight that they essentially do not trust grown adults to make sensible decisions.

Keep in mind that despite 125% mortgage in the past, our market remained incredibly well ordewred with super low deliquency rates.