The correction has been, gone, and is over

Thrugelmir

cells wrote: »

In his case I think they don't allow a mortgage as his business is just months old so the first two annual accounts have yet to be filed as the business isn't that old

So there's no track record to base a lending decision. Many start ups are loss making or require people to use their savings. Never been any different.

Thrugelmir

dktreesea wrote: »

but no working experience in the UK for at least ten years and ranging in age from 48 to 60.

More importantly no credit history. They are unquantifiable borrowers.

dktreesea

Thrugelmir wrote: »

More importantly no credit history. They are unquantifiable borrowers.

Well, no recent credit history in the UK at least. You do get to the point though, if you've moved to places like NZ, Australia and the like, that if you want a pension from there you have to be living there 8 out of the 10 years just prior to retirement, whereas if you want one from here you have to have paid in for 30 years.


So if you are in your mid to late 40s, want to come home but you've only paid into NI here, for say 10 years, that's a huge dilemma. What if you don't get work? What if you are stuck renting, soaking up your capital you were hoping to put towards a house, unable to get a loan because you can't get work, or have work but it's low paid?