Gone are the days when applying for residential mortgages was a straightforward process!  It is quite amazing how complicated lenders can make it all.  Even well-established borrowers in longstanding jobs with low loan to value applications can be given a very hard time.

“How much do you spend at the hairdressers?  On pet food?”

“Surely you spend more than £50 a month on entertainment!!”  (We don’t all live in London, you know.)

Nearly all the customers I put on the train going into the tunnel are self-employed.  Two different applicants were recently out of an IVA’s, another had only one year’s accounts and a few have been directors of small companies with low salaries and dividends but healthy undrawn profits (why don’t lenders understand the reasons for this?).  Most are remortgaging onto long term fixed rates but different lenders have hugely varying views on the various reasons for raising extra money in the process.

So before the passengers get on the train and disappear into the tunnel we have to do everything we can to ensure they’re entering the Tunnel of Love, they aren’t on the Ghost Train.