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paying rent help with getting mortgage?
aron80
Posts: 64 Forumite
Hi, I just wanted to ask a quick question; I have been paying my private landlord rent of £400 every month for the last 3 years, and in the long term am hoping to buy my own place.
I was wondering if the fact that I have paid rent without fail will help banks to look favourably on the fact that I can afford a mortgage, and hopefully give me one, or does it make no difference whatsoever?
Thanks in advance.
I was wondering if the fact that I have paid rent without fail will help banks to look favourably on the fact that I can afford a mortgage, and hopefully give me one, or does it make no difference whatsoever?
Thanks in advance.
0
Comments
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Your income will determine what a bank would lend you, not the fact that you have been paying rent.
As it is a private landlord a reference would not be requested anyway as they are worthless.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I guess it shows affordability of a £400 debt - but mortgage will be a lot more than this (I am assuming!)0
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