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That's actually quite a good analogy for the need for P&I repayments. Some people wouldn't need them, but for others they're a life saver. I've met people with I/O loans that went nowhere. In 10 years they still owed the same amount of money on their PPOR, they'd never saved a cent. Their...

They won't apply these types of filters to any particular rules. Policies tend to apply to everyone everywhere. Most lenders (and the mortgage insurers) do assign risk ratings to post codes in their credit scoring systems. If the accumulated risk is to high on a given deal, they simply...