Brokers have revealed some of the oddest questions they have come across when processing applications ahead of the mortgage market review’s formal introduction today. The regulator’s focus is establishing affordability, but in the intense scrutiny of applicants’ spending some curious questions have popped up.
Here we outline some of the stranger questions lenders are asking borrowers?
- How often do you have friends over for dinner? Do you have steak?
- What is your monthly expenditure on pet food?
- How much do you spend on alcohol per month? Does this increase in particular months?
- What is your average monthly expenditure on dry cleaning?
- On average, how much do you spend per month on nappies and other child-related perishables?
- When you move home, are you going to continue paying £21 per month for your milk delivery?
- Do you consider yourself to be a regular gambler? If so, how much would gamble on average per month?
Your Mortgage Decisions director Dominik Lipnicki says: “We all want to protect borrowers and clients but this seems to be stretching it a bit. Where does it stop? Are lenders going to ask how much food costs go up at Christmas because the family’s coming round?”