I just realised when correcting the numerous errors on my last post why people buy iPads which have to be the most ridiculous invention ever. It coz fingers are getting fatter and a larger keyboard is needed.

Do you know you can buy a keyboard and a wee stand for your iPad in case your arms get sore holding it up to your face. Is that not a laptop?

Although I do like the iPad's shiny screen. At just the right angle you can see the person you're having dinner with.

Damn! Back to moaning about things again!

Mark

There's an article going onto the site later on this very same subject Mark (mortgages, not iPads!).

The new mortgage rules are going to make quite a big difference to everyone, perfect credit record or the opposite.

Affordability is going to be measured much more in common with how disposable income gets measured for a trust deed, with a detailed "income and expenditure" generally being involved.

The day of "3.5 times income = borrowing limit" are long gone.

Thanks TDA

Is this the work of the FCA? They seem to be revamping a lot of things at present.

Mark

Yes... it's known as the MMR (Mortgage Market Review).

You may have read mortgage broker concerns that their client meetings will take three hours in the future.

I'll add the article link to this thread once it's online.

Thanks Mark that's the best laugh I've had all week 🙂

I agree wikikee...... Are you feeling alright Mark ??
Won't even think about mortgage stuff for another 3 + years till TD drops off credit file ... Who knows what criteria will be like then ....bared soul entering TD , nothing can be harder than that.... And that was of my own making .. So mortgage app will feel like walk in the park....I hope !

!I'm very surprised on the timing. All the help to buy funds convinced some that we had a recovery, the feel good factor was moving ahead at pace as houses began to sell and sale prices stopped dropping.

I thought all those measures were intended to help with election results, seems odd to have the MMR in place pre-election.

Added to that, most brokers require payment from the applicant now and lenders have hiked application fees over the past few years meaning it can be costly to apply unsuccessfully now.
Its Likely to result in less mortgages being offered and less buyers for houses.
Much more effective to build some houses.

It's taken a little longer than expected to get it online, but here's more on the subject of the MMR, affordability and mortgages:

(Link Removed 2020).

Interesting. I think we may need to take most of the day off for that mortgage application in future!

Mark

Another reason maybe to take out a long fixed mortgage*

*not mortgage advice!