Second Mortgages, Brokers, Have We Learned Anything?

[Peter54]

From reading a couple of threads on the forum over the last couple of days I notice posters looking for second mortgages or trying to seek out the best mortgage brokers around while they have an impaired credit history and obvious money problems.

Have we learned anything . . . ?

 

[MrMan]

The answer will come from the actions of the lender.

 

[Peter54]

Just last week my sister asked for an increase on her credit card and was automatically approved there and then, with one of the main institutions. The increase became available to her immediately. They never asked her to prove her income etc.

 

[T McGibney]

I thought that was the whole idea of a credit card? If a credit card company asked me to prove my income to them I would tell them to take a hike.

 

[Peter54]

Surely they would need to know the person has the capacity to pay the debt back?