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MSE News: The (slow) return of the sub-prime mortgage
Former_MSE_Guy
Posts: 1,650 Forumite
This is the discussion thread for the following MSE News Story:
"Borrowers with patchy credit records now stand a greater chance of getting a home loan ..."
"Borrowers with patchy credit records now stand a greater chance of getting a home loan ..."
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Comments
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A credit score cannot possibly give an accurate indication of anyone's ability to repay credit. Anyone can have difficult times, ie, lose their job, go through a divorce, have a baby etc. This does mean that they will always have financial problems. In fact, I think that if you have experienced financial problems in the past, you are probably less likely to have problems in the future. Everyone can make mistakes and you should not be punished forever.0
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if subprime is kind of making a comeback, do we think self cert will make a come back? as my issue with remortgaging is always going to be down to my income multiple as opposed to LTV or credit score.0
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A personal opinion - self cert will not come back (much of the pressure in this area is, I suspect, jointly FSA/HMRC driven rather than simply 'responsible lending' FSA stuff) as we recognise it, but some packages may be constructed eventually to help self employed.
On a second issue - I agree with Ms/Mr Dumb, the current credit reporting/scoring system is at times hopelessly inaccurate (it astounds me the level of difference there can be between two organisations' reports for the same individual at the same time - and yet the financial industry currently blindly accepts whichever one it looks at) and its application is niaive and unfair in the extreme - some far better skilled (preferably with proper underwriting capability) analysis will hopefully be coming soon.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
A credit score cannot possibly give an accurate indication of anyone's ability to repay credit. Anyone can have difficult times, ie, lose their job, go through a divorce, have a baby etc. This does mean that they will always have financial problems. In fact, I think that if you have experienced financial problems in the past, you are probably less likely to have problems in the future. Everyone can make mistakes and you should not be punished forever.
A credit score and report give an indication as to how people manage their money. A persons perception of risk. Even how they manage those difficult periods in life which we all have.0 -
If you are self employed or run your own small company, then you have the choice of either mitigating your taxes, which shows a low official income or paying oodles more in tax and declaring a higher income to satisfy your mortgage people. Utter madness and above the intellect of most who write these rules.0
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You will get all sorts of articles appearing, which probably originate from desperate estate agents, which tell you that the housing market is on the up again. Is it !!!!!0
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