Why Do You Have To Be In Debt to Get a Mortgage?
Feb 19th, 2007 by complex001
Am I the only person in Britain who was brought up to save for something that you want rather than just stick it on to a credit card? I recently applied to Bristol & West for a self certification mortgage but was turned down because I do not have enough debts.
When I queried this with them, they told me that they did not believe my income because if I did earn what I said I would owe more money to credit card companies and finance houses. Has this world gone mad? Because I am a sensible, hard working man, who if I earn £1 I spend 99p I am being penalised. Everyone wants to keep up with the Jade Goodys’ and David Beckhams’ of this world who are happy to get into debt just to look like their idols. The Labour government, although they have turned us into a nanny state, have done nothing to help this Debt and in fact have today given the go ahead to build a Supercasino in the ‘Highly Affluent’ area of East Manchester.
Mortgage Lenders, The Financial services Authority (FSA), and most of all Tony Blairs New Labour need to take more responsibility and stop encouraging Debt.