The pendulum always swings too far in one direction or another and rarely settles in the middle. In the run up to the banking crisis, anyone or anything with breath, and, in some well-publicised cases, a few things without, could get a mortgage. Not so easy now and many who fell off logs in 2007 and found themselves with big loans have been stuck. OK, they say, we haven’t got enough income under your new rules, but we’ve managed to pay every month for the last 10 years. So we could surely pay a new lender with a cheaper interest rate. They have a point, and it looks as though the powers that be may be seeing sense. At last.
Turmoil in the mortgage market
When I was but a youth, I was often told to enjoy myself before I had the ‘millstone of a mortgage around my neck’. It was then assumed that you’d be dragged down by it for another 25 years, a lifetime when you’re but 25 yourself.
