Banking - who does the burden of financial responsibility lie with?

It was only until we were in our new flat that we realised quite how easy it was to get a mortgage. The process is about as simple as walking into the bank, telling the bank how much you earn, and them telling you in return how much they're prepared to give you. Seriously.

It does make me worry - it would be fairly easy for someone to get a mortgage that they can't quite afford these days. Who's to blame them? I do worry though that banks aren't necessarily doing enough to ensure their mortgages & secured loans, or remortgaging applicants can afford to undertake the financial burden, and are setting a lot of people up for a fall. Many banks are more than happy to sit there any punish their customers for their lack of foresight later. Such is life, I guess.

• 10th May, 2007
• Money, and Hype.

This post is related to 5 areas of discussion: banking, secured loans, remortgaging, mortgages, financial responsibility.

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