Want a mortgage? Tell us what you spend on presents

[AtW]

Families who take foreign holidays, splash out on subscriptions or buy expensive presents to mark birthdays or Christmas face being turned down for a mortgage.

The new rules from one of the biggest banks will penalise any applicant deemed to be extravagant.

Santander – which is the nation’s second largest lender of mortgages – is the first to introduce the intrusive guidelines. But last night experts said they feared other banks and building societies will follow suit.

Matt Griffith, a spokesman for Priced Out campaign group for affordable homes, said: ‘This is ridiculous – no one fails to repay their home loan because they buy gifts for their grandma.

‘Banks are constricting lending to first-time buyers while concentrating on the richer pickings of equity-rich homeowners and investors.

As banks scrabble to preserve cash, it seems like we are on the verge of another mortgage crunch.’

The Spanish bank’s questions on occasional spending are far in excess of what is officially demanded by the Financial Services Authority.

There was uproar when the City watchdog originally proposed analysing every aspect of household spending but it later concluded only regular spending on essentials and bills needed to be taken into account.

Santander’s decision will put a further squeeze on home loan lending at a time when getting a mortgage is already far from easy.

Source: Want a mortgage? Tell us what you spend on presents: Bank delves deeper into our personal lives to penalise extravagance | Mail Online

Phew, sasguru is safe!!!

[MarillionFan]

Non story. So what Santander have added an extra column to their application sheet so they can work out affordability. I do exactly the same in my monthly spreadsheet & yearly forecast

[AtW]

I do exactly the same in my monthly spreadsheet & yearly forecast

How did you reserve for shoddy workmanship?

[MarillionFan]

How did you reserve for shoddy workmanship?

British Gas is here at the monent.

[AtW]

British Gas is here at the monent.

How is wife taking it?

[MarillionFan]

How is wife taking it?

She now wants the radiators flushed. British Gas man just quoted £1400.

[eek]

She now wants the radiators flushed. British Gas man just quoted £1400.

You could have kept virgin for 4 years and you would still have been better off

[TimberWolf]

She now wants the radiators flushed. British Gas man just quoted £1400.

Just to bleed your radiators?

[MarillionFan]

You could have kept virgin for 4 years and you would still have been better off

Yep. It's not looking like a good decision so far.

Just to bleed your radiators?

Power flush! What's he going to power flush it with? Malt Whisky!!!???

[eek]

Yep. It's not looking like a good decision so far.



Power flush! What's he going to power flush it with? Malt Whisky!!!???

You are aware that the pressure may reveal more leaks or lose connections. Will they be covered by the £1400 or do you have to pay for them to be repaired on top?