Czuch: Nope. That is not true. The truth is to be fully aware before you make any purchase based on credit. Not only taking note of the interest rates, but of the small print as well. This applies to all purchases on credit including houses.

2) know your rights. EG some stores over here will say that they need a receipt as proof of purchase before exchanging faulty equipment. But the law states differently, something I have used in the exchange of faulty goods many times and even made them get the manager down if they try to argue.

3) You are by rights allowed to cross out terms in a contract if you feel they are unfair before you sign, it might mean that the other side might not sign. But better that then signing a contract that is against your interests and lead to you ending up in dooo dooo at the end of the day.

If the lending is sensible then what is your problem with it? No more 100% mortgages, no more stupid rates of interest, and the banks to be responsible and not to blindly invest money in dodgy schemes.