Monday, January 31, 2011

Atrocity Story Goes Bad

The Telegraph is shocked - shocked! - to find out that bank underwriters are taking customer's outgoings into account when calculating how much they can borrow. This would never have happended when that nice Scottish guy was PM.

Unfortunately, even the Telegraph commentors aren't daft enough to fall for this. Read and enjoy the smell of jorno flambé.


Anonymous said...

Actually why should having x children be taken into account? Surely it can change in 9 months to x+1 or x+2?

Squander Two said...

Exactly. They may as well take fertility into account.

Anyway, the point the article was clearly making was about the ability to remortgage. I've been in this bind myself: the banks insist on assessing a remortgage as a fresh brand new mortgage — even when you're staying with the same bank — so they tell you you can't afford the repayments when what you're trying to do is switch to a new deal with lower interest rates, i.e. you are already successfully paying them more than they're assessing you for. This is insane.