MSE News: Mortgage applicants to undergo IQ tests

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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  • viewview Forumite
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    Part of the Furniture Combo Breaker
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    "completely foolish"

    April Fools? ;-)
  • michaelsmichaels Forumite
    26.2K Posts
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
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    Another of those barmy pressure group ideas that are newsworthy in the morning but forgotten by lunchtime.
    I think....
  • haras_nosirrahharas_nosirrah Forumite
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    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
    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.
  • ~Brock~~Brock~ Forumite
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    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
  • PincherPincher
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    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.
  • ACGACG Forumite
    22.1K Posts
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
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    I think I would end up out of business :P
    (Thats a joke).
    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.
  • jaydeeuk1jaydeeuk1
    7.7K Posts
    Debt-free and Proud!
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    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.
  • 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.
  • zzztzzzt Forumite
    379 Posts
    Part of the Furniture 100 Posts Combo Breaker
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    Joke or not, it's actually not a completely terrible idea.
  • zzztzzzt Forumite
    379 Posts
    Part of the Furniture 100 Posts Combo Breaker
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    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...
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