Getting a mortgage these days.....
Discussion
...so just how difficult is it these days? Reading a number of threads on here a lot of people seem to have difficulty. What do the lenders actually require?
I may be moving later in the year, so may be changing my mortgage. Last time I mortgaged on the main residence (2010) it was 10mins on phone to my bank & approved in principal. What should I be expecting now? Waterboarding followed by the rack? An intimate examination of every penny spent?
I may be moving later in the year, so may be changing my mortgage. Last time I mortgaged on the main residence (2010) it was 10mins on phone to my bank & approved in principal. What should I be expecting now? Waterboarding followed by the rack? An intimate examination of every penny spent?
Not difficult at all from what I can see... as long as someone is willing to be an obedient little debt slave worker drone and sacrifice a huge proportion of their income for a previously unprecedented length of time (probably their entire working life) then those lovely friendly banks will welcome you with open arms.
mike74 said:
Not difficult at all from what I can see... as long as someone is willing to be an obedient little debt slave worker drone and sacrifice a huge proportion of their income for a previously unprecedented length of time (probably their entire working life) then those lovely friendly banks will welcome you with open arms.
That's the most pistonheads thing that I have read in ages mike74 said:
Not difficult at all from what I can see... as long as someone is willing to be an obedient little debt slave worker drone and sacrifice a huge proportion of their income for a previously unprecedented length of time (probably their entire working life) then those lovely friendly banks will welcome you with open arms.
Exactly. this is Pistonheads - pay cash or you can't afford it you bloody little poor person :PI would make a spreadsheet to understand you outgoings over the last three months or so. Income and committed outgoings, the rest you can trim I think would be their opinion.
They now have to stress test the mortgage against rate rises.
mike74 said:
swerni said:
Would you like salt with those chips?
No chips here, I bought my house when prices were more sensible, lending was more regulated and the banks weren't allowed free reign to turn us into a nation of debt slaves. mike74 said:
No chips here, I bought my house when prices were more sensible, lending was more regulated and the banks weren't allowed free reign to turn us into a nation of debt slaves.
Which banks are forcing you to borrow money from them? You should report them to the regulator!!Edited by sidicks on Thursday 4th January 18:02
mike74 said:
Not difficult at all from what I can see... as long as someone is willing to be an obedient little debt slave worker drone and sacrifice a huge proportion of their income for a previously unprecedented length of time (probably their entire working life) then those lovely friendly banks will welcome you with open arms.
Financial baggage someone has.egor110 said:
So if you hadn't already bought your own house what would you do now ? rent for ever ?
No wouldn't necessarily rent for ever, but if I did have to buy now i'd at least recognise the fact that the banks (and the establishment in general) have pulled my petticoat up and bent me over a barrel... rather than celebrating like I'd won the lottery like most brainless/brainwashed mugs tend to do. mike74 said:
egor110 said:
So if you hadn't already bought your own house what would you do now ? rent for ever ?
No wouldn't necessarily rent for ever, but if I did have to buy now i'd at least recognise the fact that the banks (and the establishment in general) have pulled my petticoat up and bent me over a barrel... rather than celebrating like I'd won the lottery like most brainless/brainwashed mugs tend to do. A mortgage in the 80's was much better for the customer...
mike74 said:
Not difficult at all from what I can see... as long as someone is willing to be an obedient little debt slave worker drone and sacrifice a huge proportion of their income for a previously unprecedented length of time (probably their entire working life) then those lovely friendly banks will welcome you with open arms.
What is a 'worker drone'?Hoops need to be jumped through, more than ever before:
Ask about it at your bank, book a preliminary interview, explain why you deserve a mortgage, get permission to apply for mortgage, go to another interview, officially apply, sign papers. Then you are offered a mortgage, if you are considered worthy.
I was doing a remortgage and change of title, with seemingly endless bits of paperwork and forms flying hither and yon.
Ask about it at your bank, book a preliminary interview, explain why you deserve a mortgage, get permission to apply for mortgage, go to another interview, officially apply, sign papers. Then you are offered a mortgage, if you are considered worthy.
I was doing a remortgage and change of title, with seemingly endless bits of paperwork and forms flying hither and yon.
mike74 said:
No wouldn't necessarily rent for ever, but if I did have to buy now i'd at least recognise the fact that the banks (and the establishment in general) have pulled my petticoat up and bent me over a barrel... rather than celebrating like I'd won the lottery like most brainless/brainwashed mugs tend to do.
Yes, years ago a mortgage was so simple. A few pieces of paperwork and 15% interest..... why did they have to mess it all up? The current 2% is daylight robbery.Vocal Minority said:
Exactly. this is Pistonheads - pay cash or you can't afford it you bloody little poor person :P
Vocal Minority said:
I would make a spreadsheet to understand you outgoings over the last three months or so. Income and committed outgoings, the rest you can trim I think would be their opinion.
Ah good will save me telling the wife her outgoings on shoes, handbags, clothes, makeup, etcc. can be trimmed!OP - If you managed to mortgage in 2010 and your circumstances haven't changed too much now I doubt you would have many issues.
I would talk to your bank first and then an independent (ish) adviser. He / she will know very well which lender will lend based on your circumstances and how easy or difficult it will be.
Good luck
I would talk to your bank first and then an independent (ish) adviser. He / she will know very well which lender will lend based on your circumstances and how easy or difficult it will be.
Good luck
mike74 said:
No wouldn't necessarily rent for ever, but if I did have to buy now i'd at least recognise the fact that the banks (and the establishment in general) have pulled my petticoat up and bent me over a barrel... rather than celebrating like I'd won the lottery like most brainless/brainwashed mugs tend to do.
I’m not sure you should be calling other people ‘brainless’!sidicks said:
mike74 said:
No wouldn't necessarily rent for ever, but if I did have to buy now i'd at least recognise the fact that the banks (and the establishment in general) have pulled my petticoat up and bent me over a barrel... rather than celebrating like I'd won the lottery like most brainless/brainwashed mugs tend to do.
I’m not sure you should be calling other people ‘brainless’!I want my 15%, 1980's mortgage
Not to forget the extra hoops a lender needs to jump through now to repossess, who in their right mind would want that protection!
sidicks said:
mike74 said:
No wouldn't necessarily rent for ever, but if I did have to buy now i'd at least recognise the fact that the banks (and the establishment in general) have pulled my petticoat up and bent me over a barrel... rather than celebrating like I'd won the lottery like most brainless/brainwashed mugs tend to do.
I’m not sure you should be calling other people ‘brainless’!shouldbworking said:
sidicks said:
mike74 said:
No wouldn't necessarily rent for ever, but if I did have to buy now i'd at least recognise the fact that the banks (and the establishment in general) have pulled my petticoat up and bent me over a barrel... rather than celebrating like I'd won the lottery like most brainless/brainwashed mugs tend to do.
I’m not sure you should be calling other people ‘brainless’!sidicks said:
mike74 said:
No wouldn't necessarily rent for ever, but if I did have to buy now i'd at least recognise the fact that the banks (and the establishment in general) have pulled my petticoat up and bent me over a barrel... rather than celebrating like I'd won the lottery like most brainless/brainwashed mugs tend to do.
I’m not sure you should be calling other people ‘brainless’!Sick of hearing how the boomers have caused the bust and my generation are paying for it??? Really, I’ve filled my boots while my parents retirement has been financially ruined by low rates.
Everyone is of course entitled to different opinions. Truth is probably more like we are all paying for it in some way. Just doesn’t feel like it to me.
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