Monday, Oct 19, 2009

I've got my beady eye on you!

Telegraph: Mortgage applicants face new checks on spending habits

"Homebuyers applying for mortgages will have to provide much more detailed information about their monthly spending habits under new rules to clamp down on reckless lending. (Today), the Financial Services Authority will tell lenders they must carry out in-depth examinations of households' disposable income before granting a mortgage". Lord Myners, the City minister, said in future, lenders will have to carry out a “meticulous analysis of the ability of the individual to repay the loan.” ......And later this month, the Government will announce new rules curbing the activities of credit card lenders!

Posted by alan @ 12:06 AM (1240 views)
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7 Comments

1. quiet guy said...

Next, if we could apply proper checks on government spending habits then we'd be getting somewhere.

Monday, October 19, 2009 01:08AM Report Comment
 

2. Mr Plumbase said...

The news on BBC1 lamented the eventual demise of self cert, adding that for many the "dream" of home ownership would now be impossible, no mention of homes being overpriced, subprime etc. Idiots.

Monday, October 19, 2009 01:12AM Report Comment
 

3. crunchy said...

The chance of that would be equal to Brown's waste line!

Monday, October 19, 2009 01:14AM Report Comment
 

4. fallingbuzzard said...

Now I know what they're going to use that Clubcard and Nectar data for!

Monday, October 19, 2009 01:19AM Report Comment
 

5. crunchy said...

3. fallingbuzzard

Just wait for what Mastercard has in store for us.

Monday, October 19, 2009 01:28AM Report Comment
 

6. paul said...

Hang on - these rules should be applied to homeowners rather than homebuyers, surely?

Monday, October 19, 2009 08:06AM Report Comment
 

7. quiet guy said...

@paul

I'd assumed that these rules will apply to anybody remortgaging as well as new purchases if they don't have something in the region of 25% equity.

Monday, October 19, 2009 08:28AM Report Comment
 

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