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    The "over forty" mortgage approval problem.

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    papa_umau
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    The "over forty" mortgage approval problem.

    Post by papa_umau on Tue 25 Nov 2014, 1:13 pm

    Over 40s frozen out of mortgages

    Home buyers over the age of 40 are increasingly being "frozen out" of mortgages, the industry is warning.

    New rules mean that lenders are now restricting loans to anyone who will still be paying off their mortgage by the time they retire.

    And yet many people cannot afford to buy a home until they are 40 or even 50, say some of the largest lenders.

    Under a standard 25 year term, a 45 year-old borrower would be 70 before the loan was paid off.

    The new rules - known as the Mortgage Market Review (MMR) - were introduced by the Financial Conduct Authority (FCA) in April this year, to make sure that borrowers could afford to pay back what they borrow.

    Get the full story from The BBC news site HERE




    This is going from funny to farce when we realise that the younger-end of this market cannot get a mortgage because they are just too young to have saved up a deposit, and now we are hearing that older people around forty years of age are "too old" to get a mortgage either.

    If this nonsense keeps up we are going to see a very small window of between thirty and forty that will be where the mortgages come from.

    What do YOU think ?


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    zathrus
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    Re: The "over forty" mortgage approval problem.

    Post by zathrus on Thu 27 Nov 2014, 11:50 am

    "What do I think" ?

    I think that the mortgage banks and brokers will find ways round these new rules as they don't want to lose the trade.
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    papa_umau
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    Re: The "over forty" mortgage approval problem.

    Post by papa_umau on Fri 28 Nov 2014, 12:35 pm

    Yes, the old, tried, and true, influence of GREED, ( the instinct that brought the banks to their knees just a few years ago ), is still in force and driving them to continue to take risks.

    I guess we will just have to wait and see how these new rules effect the workings of the mortgage-lenders.


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    Angie baby
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    Re: The "over forty" mortgage approval problem.

    Post by Angie baby on Sat 29 Nov 2014, 12:44 pm

    I am 37 and I am still in a private rented flat. With this news it is soon going to be too late for me to get onto the home-buying ladder.

    That makes me so sad. Sad

    Maybe I should just marry my present partner and have a shed-load of children, as if I do that I would probably be able to buy a home soon afterwards. Evil or Very Mad
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    papa_umau
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    Re: The "over forty" mortgage approval problem.

    Post by papa_umau on Sun 30 Nov 2014, 12:31 pm

    Do not wish too hard as you might just get your wish.

    I can tell you that it is no fun having a large family with only one wage coming in.

    That is why there are so many "both-partner" wage earners in today's society. The Tories have seen to it that wages stay stagnant, prices continue to rise, and civil servants like yourself are held down with a weight around your neck.


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