MSE News: Mortgage applicants to undergo IQ tests 1 April 2016 at 9:14AM in Mortgages & endowments 19 replies 2.6K views

Former_MSE_Steve_1

Beleaguered mortgage applicants are facing yet another hoop to jump through after it was announced that lenders may be forced to put their IQ to the test as part of stricter affordability checks....

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'Mortgage applicants to undergo IQ tests'

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"completely foolish"

April Fools? ;-)

michaels

Another of those barmy pressure group ideas that are newsworthy in the morning but forgotten by lunchtime.

haras_nosirrah

Clearly an April fool but when you get people saying 'I was missold my mortgage because I didn't understand that interest only meant I was only paying the interest' then you do have to wonder

~Brock~

haras_nosirrah wrote: »

Clearly an April fool but when you get people saying 'I was missold my mortgage because I didn't understand that interest only meant I was only paying the interest' then you do have to wonder

+1 from me :T

Pincher

I know it's a 1st of the Fourth Dunce thing, but it's what I have been calling for for years. We need a financial driving license.


Without it, you cannot apply for a credit card, but you can have a basic current/deposit account.




Passing Level I means you can get a credit card.


Once you are through Level I, you can sit different papers for different things, e.g. get a mortgage. Car loan is worth a separate paper, too.


Level II means you can trade stocks and shares.


Level III means you can trade more complex stuff, like futures, options, etc., as an investor, not broker.

ACG

I think I would end up out of business :P
(Thats a joke).

jaydeeuk1

Its an april fool, but actually a good idea. Should also have a min IQ to be allowed to vote. Can't see Labour agreeing to it though, their support would disappear overnight.

Paully232000

We have to do this when we get our mortgage.

We have been studying hard, with the past papers given to us by our Estate Agent recommended-broker. They are very difficult, be very careful with the answers.

zzzt

Joke or not, it's actually not a completely terrible idea.

zzzt

jaydeeuk1 wrote: »

Should also have a min IQ to be allowed to vote. Can't see Labour agreeing to it though, their support would disappear overnight.

Oh dear, but imagine the controversy when people start to realise who is excluded...