Mortgage based on Rental

Marley48

I've heard on the grapevine that there is a possibility that they are trying to introduce a new system for Mortgages based on how much you currently pay in rent, instead of looking at your credit rating and/or how much you earn. The how much you earn part is no problem for me and my partner, it's my credit rating that is.

I've had a look around but can't find any information about it. I was hoping someone might know a bit more and they could let me know?

Thanks in advance!

kingstreet

I have heard nothing about this and doubt very much it would ever be adopted. Lenders are tightening how they lend under pressure from the FSA and are having to be more responsible.

Bear in mind you can get a rented property with absolutely no checks on your affordability.

Senior_Paper_Monitor

With the FSA continuous pressure to move towards stress tested affordability calculations, and the more and more risk based lending analysis on multiple factors, I think this most unlikely (for a number of perfectly justifiable reasons).