Fox-
The other version (which we've encountered) is when you have an interest-only mortgage[1] and when they ask for your plan to repay it you say "We're making overpayments every month as if it were a repayment mortgage". That answer is definitely not on their list of approved answers. It just prompts questions of "but what if you weren't able to make those overpayments" which is stupid given "we're sticking some money away each month in a suitable investment" is accepted with no proof (and is just as liable to problems if the income isn't there).
- Got a mortgage when I moved in with the now Mrs GB and she wasn't working so they went on my salary alone. Being pre-sub-prime-meltdown they said a repayment mortgage was too expensive so they could only offer me an interest-only mortgage (?!). Flexibility is useful though. Borrowing an extra £10k for a rewire and redecoration was proving to be a ballache through the mortgage co but we can just stop making overpayments for ~6 months and then start them again (at a slightly higher amount) once we've got the £10k saved.
- Got a mortgage when I moved in with the now Mrs GB and she wasn't working so they went on my salary alone. Being pre-sub-prime-meltdown they said a repayment mortgage was too expensive so they could only offer me an interest-only mortgage (?!). Flexibility is useful though. Borrowing an extra £10k for a rewire and redecoration was proving to be a ballache through the mortgage co but we can just stop making overpayments for ~6 months and then start them again (at a slightly higher amount) once we've got the £10k saved.
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It’s not the first time my big mouth has got me into trouble. I remember a job interview at uni where a PC World manager asked me “why do you want this job?” and I said “I need money to pay rent”. I’d have given me the job but she seemed to take offence.
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Greenbank
Sparky
I tried to remortgage last month and they said to me “are you happy that you understand what a fixed mortgage is and are ok with the offer” and I said “it’s better than the rip-off rate you’ve put me on, but all things being equal I’d rather have flexibility” and they immediately clammed up and refused to send the paperwork. I’ll have to wait a week and call back and respond “yes, you’ve explained it very well and it sounds ideal”.