I was interested to read housing minister Grant Shapps saying in Mortgage Strategy last week that he would not qualify for a mortgage under the Mortgage Market Review proposals.
It would be interesting to know what part of the MMR would cause him problems. Maybe he has missed payments on his credit card or does not have a big deposit.
The reasons being dished out by lenders for turning borrowers down after initially being accepted are frustrating.
We recently secured a mortgage for a client and close to her completion date there was a glitch. At the same time as doing her mortgage she had applied unsuccessfully for a store card.
She was declined before her mortgage completed so when the lender subsequently rescored her before releasing the funds it discovered the decline and withdrew the mortgage offer.
Thankfully, the lender did reconsider its decision and advanced her the funds. But the process was stressful for the client.
Another client was recently accepted for a First Direct mortgage, but did not declare during the application that his wife was expecting a child.
When the adviser asked him if he had any plans for the weekend he said he was taking his wife for a scan. Their application was updated and then declined on affordability.
Shapps needs to be aware of the problems people are having. I hope he has a direct line to the head of the regulator.