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Question re renting/paying upfront
Tyfelt
Posts: 40 Forumite
My parter and I are looking to upsize fairly soon and have budgeted for what we require. It is possible that we may not pass the credit check. We do however have all the required funds available as a lump sum for the 6-12/mo period of where we would like to move to. If we fail the credit check, is it possible to still go ahead if we pay 100% up-front? I realise this would vary from case to case. Obviously we would want to escrow the funds to prevent the landlord defaulting on his mortgage and keeping the money, but he would be able to verify that 100% of the money was there.
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Comments
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You're more likely to have the funds held in escrow if you pay it over to an agent rather than hold it yourselves.
Don't forget that landlords and agents are not able to see all of the fine detail on your credit-reports like banks and credit-card companies do. They will only be able to see things like defaults and CCJs0 -
BitterAndTwisted wrote: »You're more likely to have the funds held in escrow if you pay it over to an agent rather than hold it yourselves.
Yes, that's what we envisioned.
I did not know that, thank you.Don't forget that landlords and agents are not able to see all of the fine detail on your credit-reports like banks and credit-card companies do. They will only be able to see things like defaults and CCJs0
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