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Checking up on prospective mortgagees
Hadrian
Posts: 283 Forumite
I saw today with absolute incredulity that applicants for mortgages are to have their bank accounts checked and gas, electricity etc providers are to be contacted. Other checks are to be made from credit checking firms. When did this stop?
Once upon a time, before the building societies such as Northern Rock decided to do NO checks whatsoever and give 110 + % mortgages all these referrals were normal. Bank statements, had to be provided; and gas, electricity and phone statements as a matter of course. Awaiting the BS's letter GRANTING a mortgage was worrying. Now we have got back to some sort of sanity perhaps the number of people who, lets face it, can't afford to repay mortgages, will drop dramatically.
Once upon a time, before the building societies such as Northern Rock decided to do NO checks whatsoever and give 110 + % mortgages all these referrals were normal. Bank statements, had to be provided; and gas, electricity and phone statements as a matter of course. Awaiting the BS's letter GRANTING a mortgage was worrying. Now we have got back to some sort of sanity perhaps the number of people who, lets face it, can't afford to repay mortgages, will drop dramatically.
0
Comments
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Point:
The mortgagee is the party to whom the property is mortgaged as security for a mortgage advance.
It's NOT the borrower of the advance- the mortgagor.
So it's the prospective mortgagors on whom the mortgagee has to check-up, compliant with the new Mortgage Market Review.0
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