Treasury seeks to boost 95% mortgages

DervProf

Harry_Boyle wrote: »

To be honest I'm surprised to see Derv and yourself seemingly approving of this 'hiding' of debt in order to obtain a mortgage, given your stance on tighter lending regulation, liar loans and the like?

If Percy had "hidden" his debt in order to obtain the mortgage that he did, then I do not approve. I assume he simply reduced his effective interest rate by sharing his debts with his partner's debts. Yes, it can be dodgy if the relationship breaks down, but that's often the case when it comes to becoming financially involved with a partner.

DervProf

Harry_Boyle wrote: »

I'd hesitate to move debt around in this way in order to buy a house. Either you can afford it or you can't and regulations are there to protect borrowers from themselves as much as to protect the lender.

I agree.

Nothing wrong with moving debt among credit cards to minimise the interest payment (better still to not have a large credit card debt in the first place !). As long as Percy was honest about his financial situation when applying for his mortgage, then I see no harm in what he has done.

However, I can't say that I know the details, maybe he has shared them here before now.

Percy1983

Just to be clear, the plan was literally interest reduction to clear debts faster, it wasn't about not paying my debts.

So in short we combined debts (she had some too!), shuffled to reduce interest rates and paid as much as we could.

I will agree there is many cases of DFW where people get ripped off, but that clearly wasn't our plan and will point out at many points during the shuffling the balance shifted to who had the most there was many points where either could have ran off and been better off.

For information our mortgage application was 100% accurate with no debts showing, we even declared the £500 gift when it asked how the deposit was funded.

As it is there is a credit card balance again due to recorating etc which is all in my name as my card had the best rate, the wife even has her own card on the account and its being cleared again with payments from our joint account.

grizzly1911

Harry_Boyle wrote: »

To be honest I'm surprised to see Derv and yourself seemingly approving of this 'hiding' of debt in order to obtain a mortgage, given your stance on tighter lending regulation, liar loans and the like?

I am surprised you are surprised.

Almost as surprising as you two.

Harry_Boyle

Graham_Devon wrote: »

Wait for the facts before jumping the gun.

The debt is gone. He then saved a deposit. He then bought.

If that was the case, then 'Congratulations to Percy', it just wasn't immediately obvious from his post. Unlike yourself I don't live on this board and so don't know everyone's back story.

It's always heartening to read about stories like Percy's. Anyone can get into difficulties or have problems, but it's how you deal with it that matters. Some just bury their heads in the sand and hope for the best, some people just moan about their problems on the internet and some actually do something to sort themselves out.

Kudos to Percy for sorting himself out and moving on.

DervProf

grizzly1911 wrote: »

I am surprised you are surprised.

Almost as surprising as you two.

Cilla Black has entered the building.

Harry_Boyle

DervProf wrote: »

If Percy had "hidden" his debt in order to obtain the mortgage that he did, then I do not approve. I assume he simply reduced his effective interest rate by sharing his debts with his partner's debts. Yes, it can be dodgy if the relationship breaks down, but that's often the case when it comes to becoming financially involved with a partner.

DervProf wrote: »

I agree.

Nothing wrong with moving debt among credit cards to minimise the interest payment (better still to not have a large credit card debt in the first place !). As long as Percy was honest about his financial situation when applying for his mortgage, then I see no harm in what he has done.

I think we agree on many things Derv and our viewpoints are never very far away. Often I think I'm just have a little more empathy with people who get into financial difficulties as I know how easy that can be if you have a family. Though like you, I have no time or sympathy for those who have problems and do nothing to try and help themselves.

DervProf wrote: »

However, I can't say that I know the details, maybe he has shared them here before now.

Dunno - Devon seems to think he has, but unlike him we don't live on here and have a encyclopedic knowledge of everyone on here and their various doings.

Percy1983

Don't worry about it, I suppose I just upset some because they had me written off as somebody just moaning about it and doing nothing about it.

The reality I was doing everything about it and got there, but my opinion didn't suddenly change.

Graham_Devon

Harry_Boyle wrote: »

we don't live on here and have a encyclopedic knowledge of everyone on here and their various doings.

So why not simply ask?

Better than instantly laying in based on your idea of what happened...no?

Easy, eh. But that's not the point with you. Your whole point is to argue (evidence by even the sentence I quoted). Hence about 10 names so far...

Harry_Boyle

Graham_Devon wrote: »

So why not simply ask?

Better than instantly laying in based on your idea of what happened...no?

Easy, eh. But that's not the point with you. Your whole point is to argue (evidence by even the sentence I quoted). Hence about 10 names so far...

What on earth are you talking about, Devon? Are you saying that my point about it being risky when people take on the debts of friends/relatives/girlfriends/boyfriends is not valid?

Or are you saying that Percy didn't move his debts onto his girlfriend? I'm pretty sure he said exactly that?

You even stated that you'd not move your debts onto a loved one either.

I'm struggling to see what I'm supposed to have 'asked'?

Are you building a strawman argument again? Tsk, what are you like?