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Si1

MMR is wrong, apparently

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Privy to some superficial pretentious house price conversations and the various debt holders I was talking to are all disgusted that banks want more than just their income details before giving them a mortgage/remortgage now. They think it's wrong.

Edited by Si1

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BTL's, presumably? One of my mates is (was; everything is priced to high for him, for now) trying to buy a house and he was very open with his mortgage advisor.  I managed to convince him not to do HTB in the end though, thankfully.

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Nope. Just oo debt junkies who wear their mortgages like a badge of honour. They look right through you when you argue the case for sustainable banking.

Edited by Si1

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Thinking that looking at a persons ability to pay back money before lending it to them is wrong?

What sets these people apart from the bloke of ill repute in the pub who pulls one off on their "mates" when wanting to borrow 100 quid? "Look mate it's alright, I need it, don't worry about it I'm not spending it on that anymore, trust me I'll pay you back".

What a bunch of "middle class" cheap scabs.

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Some think even proving your actual income isa tad too far, as long as you say you can afford the monthlies, then why shouldnt they lend you 10x your actual income....

remember self certs for everyone

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On 10/07/2018 at 23:46, Arpeggio said:

Thinking that looking at a persons ability to pay back money before lending it to them is wrong?

 

Indeed. Entitlement.

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MMR seems a lot softer than what was promised anyway.

I know someone who took at large mortgage, 4.5 x earnings 90% LTV,  because her credit rating was good, they didn't ask to look at bank accounts/loans/spending habits at all, just 2 payslips required, that was it.

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23 hours ago, Andy T said:

MMR seems a lot softer than what was promised anyway.

I know someone who took at large mortgage, 4.5 x earnings 90% LTV,  because her credit rating was good, they didn't ask to look at bank accounts/loans/spending habits at all, just 2 payslips required, that was it.

There's nothing in MMR that relates to either LTI ratios or LTVs. It's basically just seeing whether you can cover your mortgage with about 35% of your income if you had to pay a mortgage rate of about 5.5%.

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On ‎14‎/‎07‎/‎2018 at 10:28, Jurassic Bland said:

There's nothing in MMR that relates to either LTI ratios or LTVs. It's basically just seeing whether you can cover your mortgage with about 35% of your income if you had to pay a mortgage rate of about 5.5%.

Thought the stress test was 7.0% - Have they downgraded it? wouldn't surprise me.

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  • 302 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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