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singlemalt

'mortgage Theory Test'

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imo a 'Mortgage Theory Test' should be introduced. 10 questions relating to mortgages and basic economics. Failure to score 70% and a mortgage application should be declined.

We don't allow people to operate a vehicle or heavy machinery etc without first knowing the theory, pitfalls and dangers of doing so. Getting into a financial mess can be equally as damaging to self and family as an accident.

I've just had a serious reality check at just how little basic knowledge Mrs Singlemalt has and she's quite educated and with a decent job! :huh:

No idea of the base rate.

No idea what QE is.

No idea of what inflation is.

Could only provide a vague explaination of mechanics behind fixed/variable rate.

etc

etc

I reckon my wife is quite typical of many people as well, blissfully ignorant. No wonder the country's finances are in such a state.

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Why? Let people have what they want. If there's a problem the government will borrow money on our behalf to underwrite the loan and / or bail the people out.

They'll also borrow money on our behalf so people needing a hand onto the ladder can have some help towards the cost or some shared equity scheme.

Simples.

Next you'll be proposing building more houses or something ridiculous like that.

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