New mortgage affordability criteria - joke!

Goldiegirl

ACG wrote: »

it goes completely against TCF (in my opinion).

I suppose it could be argued that it is TCF, as all the customers of the bank are being treated the same.


But it does seem completely mad

ACG

TCF isnt about keeping the customer happy or giving them what they want but there is something about there being barriers to get products or something - I forget the wording.

Senior_Paper_Monitor

Not sure it applies, but for info ....


Outcome 6. Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint

ACG

Thats the one I was thinking of but having now read it im not sure it does apply.

Oh well, the thought was there.

Thrugelmir

TLM_77 wrote: »

That does seem to make a mockery of the system for mortgages.

That's because every is missing the real issue. MMR is a way of regulating the lenders and mortgage industry in general. A few names that weren't so well behaved just a few years back.

Northern Rock
Bradford Bingley
HBOS
Deutsche Bank ( first bank to be fined for irresponsible lending back in 2008)
Southern Pacific Mortgages (Lehmans Bros)
Advantage Home Loans ( Morgan Stanley)

With interest rates at abnormal levels that are only heading one direction in the future, and the UK with some years of austerity ahead. Prudent lending to maintain stability of the financial system is key. UK households are amongst the most indebted in the world. An issue that is far from resolved.

Borrowers just need to accept that there's a much bigger picture to look at.

amnblog

Hi Paul

You should either investigate other lenders.

or

Stick with your current lender and consider a second charge loan against the property.