The mortgage market’s big unanswered question… – L&G
How about a simple industry standard for proving someone’s ID and address? Maybe even what constitutes an acceptable electronic bank statement, and a solution to the growing problem of people having no suitable proof of address due to electronic billing? Whilst we’re at it, we could ask regulators to stop making high level, vague, and senseless regulation.
When you have an MOT the law doesn’t say car treads must be “good”. Similarly speed limits aren’t “slow” “canter” & “fast”, and surprisingly we don’t sell alcohol to people who “look old enough” or have “a suitable degree of pubic hair”. Why we can’t define anything in this industry is beyond belief – it sure as hell isn’t rocket science.
I can’t even get the same answer from most lenders sales teams consistently when criteria hasn’t changed, the numbers of times we get told incorrect information on more complex criteria is very high. If someone who was actually doing this job was involved in making this regulation seems unlikely, there won’t be any way of proving it.
And even if everyone makes it all available in a huge criteria guide, you will still get a lender that says “maximum portfolio for buy-to-let 3” but it just fails to mention that doesn’t include the new mortgage you are considering, or some other massive failure of detail. Until someone regulates to make sourcing software 100% accurate on everything you won’t be able to prove anything… that’s the bottom line.
Mr Contentious
Should the ‘regulator with teeth’ be muzzled?
Even the gutter press (whom I loathe) usually contact someone they are about to traduce for a comment – surely the FCA should give a company the right to defend themselves before accusing them of ‘scams’, ‘indiscriminate targeting’, etc?
Robert Clayton
FCA warns lenders not to mis-sell by loosening criteria
More tosh from a regulator that thinks its task is to micromanage and nanny every customer of every possible financial product. In fact, all it is doing is trying to justify its own overpaid, arrogant and incompetent existence.
kljhkl
UK tipped to be fastest-growing Western economy in 2014
The UK may well be the fastest growing western economy in 2014, but against the backdrop of a sclerotic Europe means we should not be too triumphalist. Carney will have to make some deft interest rate calls if the recovery is not to be snuffed out.
Recovery from a banking bust was always going to be slow and rocky and it could take another five years before it is well and truly behind us.
Duncan Jones
UK tipped to be fastest-growing Western economy in 2014
Crikey Duncan, put some sugar on it, we have had the worst six years imaginable and we are finally starting to enjoy a market that has returned to us. Try the glass is half full approach please…
Good Mortgage Man
Thank you for your comments this week
