The first comment was from Mrsval in response to the article: Banks loosen interest-only mortgage terms but borrowers in the dark
They said: “Why are only high-income earners considered? There are millions of older homeowners with homes that are only worth £100,000 so these poor folk are being ignored.
“Yet these will be the older folks who will be in the majority wanting and needing a retirement interest-only (RIO) mortgage.”
Mrsval added: “What will the banks do for them? The banks, by ignoring these customers stand to lose billions of pounds if these potential customers downsize rather than giving them more business.”
Derek responded to the article: Self-employed borrowers need intelligence and empathy from lenders – JLM
Derek said: “The Financial Conduct Authority say ‘treat customers fairly’, that is all we ask for self-employed clients. Not one rule for employed and another for self-employed.
“I would like to see lenders that are developing this type of dual lending policy to be investigated to identify if clients with equal income and risk levels are being treated the same.”
Payment deferment not needed for all
Arron Bardoe reacted to the article: Two-fifths of mortgage holiday borrowers would have struggled without payment breaks – FCA
He said: “On the flip, is the survey saying six in 10 did not need the payment deferment?
“It was not a ‘holiday’ and I suspect both the government and press calling it such led many people to take it without realising the implications. Lenders were deluged so did not have time to check every case.”