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Radio 4 Money Box - New Mortgage Affordability Checks
Comments
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Most lenders are going to ask if there are any circumstances that would change income or expenditure, obviously having a baby would be included in this.
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Ergo: don't tell 'emI 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 am a Mortgage Adviser
You 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 -
Whisper it!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 -
BTW Bet, who's fault it is when baby arrives and the mortgage is unaffordable?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 -
Did Ray suggest 'don't tell 'em'?
His business nearly went bankrupt in the credit crunch.
He has always come over as dishonest and biased in the media. Money Box today just reinforced that. I wonder if he was involved in the self cert/liar loan fraud that went on pre melt down..
I just wish the media would use another so-called mortgage expert instead he makes my skin crawl. Honesty should be non negeotable in taking out a mortgage, it protects the lender but most importantly it protects you.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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To be fair.
It is not Ray's business.
He knows what he is talking about.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 -
BTW Bet, who's fault it is when baby arrives and the mortgage is unaffordable?
Well that would depend on your stance.
I believe post MMR, if the applicants were preggers at the time of application and the pregnancy was disclosed under the section of changes to income/expenditure then its actually the lenders fault isnt it?
If the pregnancy was hidden from the lender, then its the applicants fault. (also technically fraudulent)
If the lender didnt ask of any known changes to income/expenditure then the lenders fault
If the mortgage had been take out, then the applicants get pregnant post completion then its their fault for proceeding with the birth.
Just to point out I'm not saying this is right or wrong, just how I understand it to be with the new rules.
What do you think?I am a Mortgage Adviser
You 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 -
If the lender didnt ask of any known changes to income/expenditure then the lenders fault
The questions that will be asked will be phrased in such a way as to place the onus entirely on the applicant.
How many people even bother to read the declaration they sign at the bottom of the application form?0 -
No doubt the rules will change and they will have to assume everyone is going to have a baby so as not to discriminate lolz0
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BTW Bet, who's fault it is when baby arrives and the mortgage is unaffordable?
It'll always be the lenders fault, as no borrower would ever blame themselves.
'It's their fault innit, they shouldn't have let me have the money'Early retired - 18th December 2014
If your dreams don't scare you, they're not big enough0
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