The banks aren't approving home loans to people with 10% deposits any more whereas a few years ago you could borrow 105% of your property value!
That's a different department within the bank - and they were happy to lend that at the time because of the rocketing property values against which they secured the loans. My point is the personal loan/credit people are still acting like unlicensed money lenders. Were I to borrow £70K on credit cards and my overdraft, I would struggle to repay it on the terms I accepted it. Yes, my fault and stupidity for taking the loan, but the fuckers should still display at least a mimimum of restaint in their lending.
That's a different department within the bank - and they were happy to lend that at the time because of the rocketing property values against which they secured the loans. My point is the personal loan/credit people are still acting like unlicensed money lenders. Were I to borrow £70K on credit cards and my overdraft, I would struggle to repay it on the terms I accepted it. Yes, my fault and stupidity for taking the loan, but the fuckers should still display at least a mimimum of restaint in their lending.