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Lending Criteria

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Is there any way of measuring consumer lending criteria that the banks are using?

The anecdotal evidence is that if anything it's getting laxer, but is there any way of reasonably showing this?

Any ideas?

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Mortgage Advisors are mostly commission based - so if they're not arranging mortgages then they're not happy. If you task a MA with sorting your mortgage out and are honest about your earnings and deposit amounts it is my experience that they will do their utmost to ensure that the deal goes through. If you make it their problem they will sort it because it's in their interest. They, above all people, know how to put the right information on the forms and what to leave in/out.

YMMV, etc, etc

Buckers

True enough, but they're hardly a new phenomena.

Are there any internet discussion groups for mortgage advisors?

It seems to me, and there's a lot of other anecdotal stuff on the forum at the moment, that credit is if anything easier now - or at least less hard. I'd like to know if that's true and (if it is) why it's happening.

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Aside from mortgages I think credit card transfers may be getting harder to get!

I recently wanted to take advantage of my Egg anniversary offer and transfer just £2k from a credit card over to the Egg card. I was promptly declined my request. Perhaps this had something to do with the fact that my Egg savings account has significant savings in it.

Now they might be just rewarding customers who are in debt to them already. I am probably costing them money at the moment, seeing how everything is geared to debt these days!!!

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Hi,

The finacial services authority are cracking down on it now, was in the economist and FT this week. They are also investigating brokers practices, banks are increasing their provisions. 7-8x income multiples are very unlikely to occur for a while.

Boomer

Edited by boom_and_bust

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The finacial services authority are cracking down on it now, was in the economist and FT this week. They are also investigating brokers practices, banks are increasing their provisions. 7-8x income multiples are very unlikely to occur for a while.

Perhaps, but their press release seems to be quite sunny on this.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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