But have you ever been asked by your bank how much money you spend on a haircut, or whether you are planning on having children?
New rules have been introduced by the City regulator, the Financial Conduct Authority (FCA), known as the Mortgage Market Review to ensure borrowers are issued with mortgages they can afford both now and in the future.
Hence the forensic analysis of your daily spending habits, including do you have a pet and how much do you spend on eye care and cleaning products.
This invasive scrutiny does supposedly serve a purpose. The questions are designed to protect consumers from the kind of reckless mortgage lending that would leave them unable to make repayments.
Here’s a thought. How about addressing the current problem and protecting those people who right now are unable to make their mortgage repayments?
The latest figures from mortgage group HML show that nearly half a million UK households are still in negative equity.
When your income has shrunk and the price of your asset has collapsed, people simply do not have the money to pay the mortgage now.
Banks can’t pretend that the current mortgage problem will just go away.
And with this new philanthropic aim to protect future consumers, the are banks ignoring the fact that it is immoral to keep hundreds of thousands of people in what is in effect a debtor prison.
Indisputably this leads to a vicious downward spiral, where people are trapped in their homes, unable to get on with a normal life.
Lakhi Singh, Head of Sales & Marketing at Rescue My Properties said,
“We are hearing from record numbers of families who are desperately struggling to pay their mortgages.
“The people who contact us are most often people who have reached a point where there is no other viable solution.
“I can’t stress how important it is to ask for help as early as possible. Yet that is the most difficult step.
“At Rescue My Properties, we have formulated solutions to help clients at any stage of debt.
“It is our help that can make the difference between losing your home and keeping it.”