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    • Thrugelmir
    • By Thrugelmir 14th Jun 16, 5:59 PM
    • 63,468 Posts
    • 56,280 Thanks
    Thrugelmir
    • #2
    • 14th Jun 16, 5:59 PM
    • #2
    • 14th Jun 16, 5:59 PM
    Having read the article what actually did MSE do? Lot of trumpet blowing over nought.
    The stock market is a device for transferring money from the impatient to the patient. Warren Buffett
    • MortgageMamma
    • By MortgageMamma 14th Jun 16, 6:59 PM
    • 6,423 Posts
    • 3,193 Thanks
    MortgageMamma
    • #3
    • 14th Jun 16, 6:59 PM
    • #3
    • 14th Jun 16, 6:59 PM
    Notice it was the woman who sorted it all out for her husband....tut....sigh......
    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.
    • Senior Paper Monitor
    • By Senior Paper Monitor 14th Jun 16, 7:45 PM
    • 2,875 Posts
    • 1,711 Thanks
    Senior Paper Monitor
    • #4
    • 14th Jun 16, 7:45 PM
    • #4
    • 14th Jun 16, 7:45 PM
    The Chancellor's "recent" quoted (and provided as a link) letter is undated !!

    So about as much relevance as a Vulcan Mind Meld I would suggest if the basic construction of a letter as I was taught in Primary School (and in many legal discussions since referring to any signed document) is still valid - or are we supposed to look up "today" with regard to the 'Responsible Lending Review' ?

    (16th May by the way)



    Pretty much the equivalent of the Sun's "It's the Sun Wot Won It" headline I would suggest (this article rather than the letter).
    Last edited by Senior Paper Monitor; 14-06-2016 at 8:23 PM.
    Hi, weve had to remove your signature. If youre not sure why please read the forum rules or email the forum team if youre still unsure - MSE ForumTeam
    • Pincher
    • By Pincher 14th Jun 16, 10:59 PM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    • #5
    • 14th Jun 16, 10:59 PM
    • #5
    • 14th Jun 16, 10:59 PM
    MMR itself was the result of some kind of crusading purge in the first place, wasn't?

    If people didn't go crazy denouncing irresponsible lending, would they have dreamt up MMR to pretend they were doing something in the first place?

    We should identify all the repossessed mortgages, find the introducers who lied on the mortgage applications, and put them on trial. Tissue match them, and put them on an organ donor list. When a match happens, string them up and gut them. Useful to society at last.
  • jamesd
    • #6
    • 15th Jun 16, 12:47 PM
    • #6
    • 15th Jun 16, 12:47 PM
    Having read the article what actually did MSE do? Lot of trumpet blowing over nought.
    Originally posted by Thrugelmir
    What Martin Lewis did was raise the matter during a TV show with the Chancellor and do so again in a followup discussion at the invitation of the Chancellor. MSE then proceeded to mention that in the email. That's more than ample work for some credit to be taken, not least because Martin Lewis is still editor of this place.
    • Thrugelmir
    • By Thrugelmir 15th Jun 16, 12:54 PM
    • 63,468 Posts
    • 56,280 Thanks
    Thrugelmir
    • #7
    • 15th Jun 16, 12:54 PM
    • #7
    • 15th Jun 16, 12:54 PM
    What Martin Lewis did was raise the matter during a TV show with the Chancellor and do so again in a followup discussion at the invitation of the Chancellor. MSE then proceeded to mention that in the email. That's more than ample work for some credit to be taken, not least because Martin Lewis is still editor of this place.
    Originally posted by jamesd
    I'm fully aware of this. Doesn't explain the blowing of trumpets though. Lenders will deal with cases singularly not on a group basis. On a personal level I find ML's approach an over simplification of the wider issues. All about PR rather than substance.
    The stock market is a device for transferring money from the impatient to the patient. Warren Buffett
    • MortgageMamma
    • By MortgageMamma 15th Jun 16, 3:55 PM
    • 6,423 Posts
    • 3,193 Thanks
    MortgageMamma
    • #8
    • 15th Jun 16, 3:55 PM
    • #8
    • 15th Jun 16, 3:55 PM

    We should identify all the repossessed mortgages, find the introducers who lied on the mortgage applications, and put them on trial. Tissue match them, and put them on an organ donor list. When a match happens, string them up and gut them. Useful to society at last.
    Originally posted by Pincher

    What if the clients themselves were the liars not the introducers? could they expect the same treatment? it wasn't just the clients that suffered during the financial crisis you know! It was more to do with lax regulation, the left hand not knowing what the right hand was doing than with self cert mortgages.
    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.
    • Pincher
    • By Pincher 15th Jun 16, 5:49 PM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    • #9
    • 15th Jun 16, 5:49 PM
    • #9
    • 15th Jun 16, 5:49 PM
    What if the clients themselves were the liars not the introducers? could they expect the same treatment? it wasn't just the clients that suffered during the financial crisis you know! It was more to do with lax regulation, the left hand not knowing what the right hand was doing than with self cert mortgages.
    Originally posted by MortgageMamma
    My model of how the world works is that poor people are asking for loans all the time, but heartless bank managers say no to them. They want six times income mortgages, but lying doesn't help. It takes an introducer with no morals and a big appetite for commission to short circuit the system to enable a poor person to get a big mortgage.

    I did get a Self-certificated Buy To Let mortgage, but the broker was part of the accountancy firm that did my taxes, and he knew my situation very well. It all worked out brilliantly, but I could never have got the mortgage myself.
    • Thrugelmir
    • By Thrugelmir 15th Jun 16, 6:02 PM
    • 63,468 Posts
    • 56,280 Thanks
    Thrugelmir
    MMR itself was the result of some kind of crusading purge in the first place, wasn't?
    Originally posted by Pincher
    No MMR. Merely wound the clock back to when lenders acted responsibly (within their own lending models) without requiring regulatory supervision.
    The stock market is a device for transferring money from the impatient to the patient. Warren Buffett
    • MortgageMamma
    • By MortgageMamma 15th Jun 16, 6:12 PM
    • 6,423 Posts
    • 3,193 Thanks
    MortgageMamma
    [QUOTE=Pincher;70836731]My model of how the world works is that poor people are asking for loans all the time, but heartless bank managers say no to them. They want six times income mortgages, but lying doesn't help. It takes an introducer with no morals and a big appetite for commission to short circuit the system to enable a poor person to get a big mortgage.

    I did get a Self-certificated Buy To Let mortgage, but the broker was part of the accountancy firm that did my taxes, and he knew my situation very well. It all worked out brilliantly, but I could never have got the mortgage myself.[/QUOTE


    So because brokers facilitated self cert mortgages they are all liars with no morals? Why does it have to be so black or white? is life black and white? you benefitted from a form of self certification yourself but self cert was wrong? brokers that are part of accountancy firms are excused from your barrage of assumptions I take it? You are a hypocrite in the truest meaning of the word. I would go on but its kind of not the point of this thread but you need to give your head a wobble mate!
    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.
    • Pincher
    • By Pincher 15th Jun 16, 9:59 PM
    • 6,516 Posts
    • 2,491 Thanks
    Pincher
    So because brokers facilitated self cert mortgages they are all liars with no morals? Why does it have to be so black or white? is life black and white? you benefitted from a form of self certification yourself but self cert was wrong? brokers that are part of accountancy firms are excused from your barrage of assumptions I take it? You are a hypocrite in the truest meaning of the word. I would go on but its kind of not the point of this thread but you need to give your head a wobble mate!
    Originally posted by MortgageMamma
    Self-certificated mortgage is for people who don't fit into the standard one size fit all production process. You could be waiting for a trust fund, so repayment vehicle is irrelevant. It was abused by people who were supposed to be gate keepers who screened borrowers, but just filled in forms for them instead. My broker knew I was asset rich, but cash poor, and made the correct call.
    • Thrugelmir
    • By Thrugelmir 15th Jun 16, 10:16 PM
    • 63,468 Posts
    • 56,280 Thanks
    Thrugelmir
    Self-certificated mortgage is for people who don't fit into the standard one size fit all production process.
    Originally posted by Pincher
    Alternatively described as give people a blank signed cheque. Funnily enough none of the lenders offering such deals survived the course unscathed. Wonder why?
    The stock market is a device for transferring money from the impatient to the patient. Warren Buffett
    • ggginny
    • By ggginny 12th Aug 16, 12:13 PM
    • 2 Posts
    • 1 Thanks
    ggginny
    Trapped in NRAM Mortgage
    Hi, any thoughts on what I can do? I recently 'failed' the affordability test with my bank - despite having an excellent credit score and never missing a payment on my interest only mortgage with NRAM. NRAM do not do products that reflect any of the interest rate drops over the last 5 years so I feel like a prisoner...I have searched the articles and forums but haven't found anything particular to people in a similar situation with NRAM.

    Any advice gratefully received...

    Best Wishes

    G
    • kingstreet
    • By kingstreet 12th Aug 16, 12:30 PM
    • 35,137 Posts
    • 19,149 Thanks
    kingstreet
    Your only option is to find another lender where you meet the status and affordability requirements.

    If you've been only to "your bank" how about another bank, building society or even an independent broker?

    NRAM is not a trading lender it is a Government department designed to recover as much tax payers money as possible and it has no banking licence so is unable to lend or offer new products.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • SavingSteve
    • By SavingSteve 12th Aug 16, 8:44 PM
    • 482 Posts
    • 206 Thanks
    SavingSteve
    Pathetic self publicity by MSE
    • minimike2
    • By minimike2 12th Aug 16, 10:57 PM
    • 2,075 Posts
    • 1,568 Thanks
    minimike2
    Why does the quote refer to "remortgaging" and solicitors paperwork, for a product switch?
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