real effect of late payments

cavework

Rubbish.. lenders are now deliberately taking re mortgage application aproval to the extreme..
but it will back fire on them
look out social housing .. the list of applicants will get bigger and bigger from those who have tried to buy their own home in the last 20 years

kingstreet

cavework wrote: »

Rubbish.. lenders are now deliberately taking things re mortgage lending to the extreme..
but it will back fire on them

Ok. Thanks for that.

cavework

Please do not patronise me.. take a look at the posts on here from people who have a mortgage that was approved by their lender and are now looking for a new deal.
Their circumstances may have changed over the years but they have met the payments and now they are being penalised on interest rates available, for any late payments the lender can find in their credit history

kingstreet

I've been one of the staunchest critics on here of lenders not applying the FSA's October 2012 transitional rules which allow lenders to ignore affordability checks on borrowers in good standing who want;-

a new product
or
to port their mortgage on moving home as long as there is no increase in borrowing.

Please feel free to expand on your opinions cavework...

cavework

Does that include people who are self employed , with one partner aged 65 and retired with a personal pension but the other is 54 and has another 15 plus years left until retirement to build up the business?
Now we are entering the ageist attitude of lenders..
and thank you for replying. I really do not mean to be rude

kingstreet

Here's an example;-

https://forums.moneysavingexpert.com/discussion/comment/65852141#Comment_65852141

kingstreet

... and another;-

https://forums.moneysavingexpert.com/discussion/comment/66957518#Comment_66957518

Thrugelmir

cavework wrote: »

Please do not patronise me.. take a look at the posts on here from people who have a mortgage that was approved by their lender and are now looking for a new deal.
Their circumstances may have changed over the years but they have met the payments and now they are being penalised on interest rates available, for any late payments the lender can find in their credit history

I agree the world has changed. It had too, returning to a previous era. With the nationalisation of Northern Rock and Bradford & Bingley. Along with the UK Treasury being forced to rescue HBOS and RBS. The UK taxpayer at the end of 2008 was underwriting in the region of £600 billion of mortgage debt, i.e. 50% of the total outstanding. Changes have come in many guises since the lessons of the 1995-2008 era were digested.

Arguably many should never have been lent money in the first place. The issue now is to stop the situation arising again in the future. So new game new rules. Little point wasting energy in complaining. More fruitful in adapting, then just getting on with life.

cavework

No problem , as long as you the tax payer are happy for me to be awarded social housing because my mortgage lender will no longer lend and allow me to pay the monthly amount regularly without default, due to my missing a few payments that were then brought up to date within a few months each time .. plus OMG my husband is 65 and I am 54 and have been self employed for 14 years.
The issue of stopping the situation arising again does not solve the problem of those who did not over borrow , were approved and have tried every way to meet their commitments for the last 15 plus years but now need a little help
I will think of you when I register on the social housing list

Thrugelmir

cavework wrote: »

The issue of stopping the situation arising again does not solve the problem of those who did not over borrow , were approved and have tried every way to meet their commitments for the last 15 plus years but now need a little help

Who pays though? People have to tackle their issues. The nanny state is an unaffordable dream. If people cannot manage when interest rates have been at record lows for so many years. Then there has to be more to the tale.