Whatever the lending institutions do or IFSRA mandate a borrower should do his/her own stress testing to ascertain their ability to service debt now and into the future under certain interest rate conditions. Don't depend on the lender or regulator to protect you in all cases. Caveat emptor.Should a FTB insist in a stress test for higher than 1%?
Not sure what, if any, relevance her single parent status has but if she lied about her salary and maybe even supplied bogus documenation ostensibly corroborating her claims then no lender can really be blamed for that, can they?hid the fact that she is a single parent, lied about her salary
I got one of those 3 years ago from UBHeard that they are also going to introduce a new 40 year loan.
Personally I wouldn't be smiling if I was lumbered with a 40 year debt!I got one of those 3 years ago from UB
Na, I was just laughing because those loans have been around for a while. But I know what you mean, 40 years is a long time. But I didn't plan on taking 40 years to pay off a 2-bed apt in suburbia that's for sure. It's only a starter property so the 'real' mortgage will be more like 25 I'd say.ClubMan said:Personally I wouldn't be smiling if I was lumbered with a 40 year debt!
Na, I was just laughing because those loans have been around for a while.
I just worked it out there actually, as a matter of interest (excuse the pun!). It's cost me an extra €4,000 over the first 2 years of my mortgage to take the 40yr loan rather than a 30yr loan.Perhaps, but you are the first person that i know that actually has one.
Have you worked out the total cost over 30 versus 40 years! And then factored in the additional term mortgage protection life assurance premiums?I just worked it out there actually, as a matter of interest (excuse the pun!). It's cost me an extra €4,000 over the first 2 years of my mortgage to take the 40yr loan rather than a 30yr loan.
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Maybe I haven't thought about it fully but it seems to me a small price to pay to get on your way...
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