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A brokers perspective...MMR
Comments
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To be fair Kensington are asking clients how much they spend each month on grooming.
.and I thought it was illegal.
And therein is the problem. What is 'grooming' exactly? Do you really require me to itemise the bi-annual haircuts costing £5 each...seriously? What about if I dont do 'grooming'? Likewise, clothes are likely to be a sticking point - I dont purchase clothes every month (or even every year), but will they believe that?Debt Free! Long road, but we did it
Meet my best friend : YNAB (you need a budget)
My other best friend is a filofax.
Do or do not, there is no try....Yoda.
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Don't invite me round to eat your food or look at your haircut FireWrym!I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I have not said i do or do not believe what you are saying - i have no reason to not believe what you are saying.
You originally said you can do it for £250. I was trying to work out whether you can or do as this may result in different underwriting.
Im sure you can do it but at the end of the day there are averages for a reason and if you are failing affordability on a food bill i would say it probably was cutting it fine anyway.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thrugelmir wrote: »Given that many people take months even years to save their deposits. Making an appointment in advance merely requires forward planning. Just like booking a holiday. No business can gear up for instanteous service.
The days of mortgages etc being treated like a supermarket selling cans of baked beans are over.
Good post.0 -
Don't invite me round to eat your food or look at your haircut FireWrym!
You dont know what you are missing.
a) Im a good cook and I cook all food from scratch (absolutely fresh and nothing ever from a packet) and
b) my friend is the hairdresser. I get mates rates.
Debt Free! Long road, but we did it
Meet my best friend : YNAB (you need a budget)
My other best friend is a filofax.
Do or do not, there is no try....Yoda.
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I am really asking, what are the national assumptions being used for the MMR and how they will impact on lending decisions.
These have been widely discussed on this forum over the past couple of weeks. There are NO earth shattering new regulations, just a few amendments and the tightening up of affordability models coupled with a long term affordability assessment. Naturally, this will hit applicants, or existing mortgage holders looking to re-mortgage, who are on the 'edge' of current mortgage affordability. This might seem unfair to many, but it is more prudent lending, and if it cuts down the number of people battling arrears and re-possession, then in time it maybe judged a success.
Unfortunately, FireWyrm you are banging your head against a brick wall!0 -
You dont know what you are missing.
a) Im a good cook and I cook all food from scratch (absolutely fresh and nothing ever from a packet) and
b) my friend is the hairdresser. I get mates rates.
are you grooming me?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It's a ruse. Give em "affordable" mortgages and then trap them on the SVR when it is deemed to be "unaffordable". The lender that traps the most borrowers wins.
THIS is what worries me! Is there anyway to calculate what my payments will be at the end of my 2 yr fix if I'm not able to move another deal? I'm guessing that without a crystal ball able to say what interest rates will rise to there's no way ot work this out.0 -
I wasn't aware that there is a huge problem with arrears and repossessions ?
http://www.cml.org.uk/cml/media/press/38170 -
RESPONSE TO EVIESMUMMY
yes, it's called section 6 of your key factsI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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