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New mortgage rules April 2014
DaisyDuke
Posts: 42 Forumite
I was reading about the new mortgage rules where credit scores aren't considered. Presumably this refers to an internal credit score as the CRA scores are not seen by lender. If the process relies on underwriters assessing affordability for now, and the future, should interest rates increase then I wondered if is changes the way discharged Bankrupts are viewed.
If there is evidence that the mortgage payment is cheaper than the rent payment surely it would make sense to grant the mortgage if there was a 10% deposit for example.
Clutching at straws as usual but those quick to criticise Bankrupts who want to be borrowing money for homes / cars etc always tar everyone with the same brush. Please realise there are people who had no choice but to go bankrupt.
If there is evidence that the mortgage payment is cheaper than the rent payment surely it would make sense to grant the mortgage if there was a 10% deposit for example.
Clutching at straws as usual but those quick to criticise Bankrupts who want to be borrowing money for homes / cars etc always tar everyone with the same brush. Please realise there are people who had no choice but to go bankrupt.
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Comments
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Where did you find this? It would be an interesting read. I've literally just taken out a mortgage and we were told that full credit checks would be done.0
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If you check the Council Mortgage lenders cml.org.uk website you will see the rules that apply from the end of this April.0
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