Over 50's will bit hit by new mortgage regulations

Eellogofusciouhipoppokunu

Mr._Pricklepants wrote: »

What's your story so far?

Probably the same story that all the Angry Young (and older) Men have on here. Non-achiever too lazy to get off backsides to improve their lot, wanting to pull others down to their miserable level.

Graham_Devon

Percy1983 wrote: »

Well she did decide to tell us.

Makes not a jot of difference. She's made it clear she's not responsible for any of her own actions!

Did someone actually advise her she may get some nasty comments from some nasty nasty people?

She's probably penning the claim now.

Percy1983

Graham_Devon wrote: »

Makes not a jot of difference. She's made it clear she's not responsible for any of her own actions!

Did someone actually advise her she may get some nasty comments from some nasty nasty people?

She's probably penning the claim now.

I forgot that, silly me for thinking people should be responsible for there own actions. :rotfl:

Conrad

Graham_Devon wrote: »

Update:


One commentator has simply said this was a collosal waste of money, as this has already been done by lenders,

Yes, lenders have already implemented these measures.

As I say, perfectly capable older applicants are routinely declined as they cannot tick every box. Excellent for landlords.

Conrad

Percy1983 wrote: »

Well she did decide to tell us.

In many respects its like legalised squating, she is sat in house she can't afford.

This is bizzare. I've come accross many perfectly sensible retired people with an interest only mortgage which will be repaid on death / on dwonsizing. Why would they want to bother diverting income to repaying capital when the only beneficiary would be thier wating next of kin?

It's for this very reason that equity release retirement schemes are interest only.

GeorgeHowell

Thrugelmir wrote: »

Lending policy is tightening in a sensible manner. This will take time to filter through and impact the property market.

No it isn't. If sensible deposit requirements exist -- in the 10%-20% range, proper income verification is operated, and loan to income ratios are reflective of present very low interest rates then restrictions like this age limit nonsense are unnecessary and punitive. It's belt and braces and a gross overreaction.

GeorgeHowell

grizzly1911 wrote: »

But money is available if prudent criteria are met according to posters here.

Capital adequacy rules were relaxed and look what happened to a barely regulated free market. It could not be allowed to continue. In reality the sane, tried and trusted regulatory frame of eons past is being reinvented.

Decades of flat lining to come especially when higher student fees are taken into account.

The property dream needs sacrifice and always had before madness prevailed.

Lenders have to take calculated risks because that's what they're in business to do. Nothing is 100% certain.

I'm afraid the old 'make sacrifices and save up' adage is no longer valid regarding first time house deposits. I am the first one to criticise people who squander their money on wasteful, short-termist hedonism. But saving up a deposit from scratch in a reasonable time scale without help nowadays is a bridge too far for most people. the baby boomers frequently argue that saving for a deposit was pretty tough for them too, and they didn't have it as easy as many of today's young like to make out. That it certainly true. But I estimate that on average it is twice as difficult now to save an average deposit on an average house, given average income and typical lending terms.

Eellogofusciouhipoppokunu

Percy1983 wrote: »

I forgot that, silly me for thinking people should be responsible for there own actions. :rotfl:

That's not what ShAnE and yourself were saying though is it? If you had both just said "what a silly moo, this lady thinks that an IO mortgage is a repayment mortgage" then I doubt too many would disagree with you. I certainly wouldn't.

What you both said is that for some reason it's a disgrace that this woman has a roof over her head, even though she is paying her mortgage on time and her mortgage product has not yet reached term.

jimibaboza

Mr._Pricklepants wrote: »

Calm down.
I am part of that generation you hate so much.
But believe me or not, we weren't giving anything on a plate. What I got is the result of almost 40 years hard work, starting from scratch, yes, I still remember the days living with wife and firtborn in a one bed terraced. Back then, we weren't looking with envy and hate to those older or better off than us. We got on with it, improved our lives and moved up the ladder. What's your story so far?

What if the generation before you had hoovered up all of the properties so they could rent them all out making you unable to afford that one bed terrace? Can't move up the ladder when you are paying all that rent.

antrobus

jimibaboza wrote: »

What if the generation before you had hoovered up all of the properties so they could rent them all out making you unable to afford that one bed terrace? Can't move up the ladder when you are paying all that rent.

You vote for a party that promises to re-introduce rent controls?

Worked last time round.