Sol7 said:The problem is no lender will give 100% mortgage if you have bad debt, i.e. on the ICB, I'm on the ICB as a result of this.
That might explain the 2 year period.Typically, the citizen's payment profile history is reported over a 24-month repayment period.
So to clarify
-'Black marks' remain for 5 years
-The typical history is 2 years only (assuming no 'black marks')
Does that sound correct
My partner and i have had to go with start mortgages because of his bad credit history and the interest rate is 7%/7.5%. Otherwise we would have been looking at 4.5%. Big difference!
Well they already have to say "your home may be at risk if you do not keep up your mortgage repayments" and that doesn't stop some people missing repayments and ignoring the problem instead of contacting their lender ASAP to sort things out.Oh my God, that's frightening. You know what they should advertise this to people getting loans to ensure that they don't default.
No matter what is done some people will always get into financial trouble, some will moan about nanny stateism and some will moan about nobody stopping them getting into financial difficulties. Perhaps the usual IFSRA disclaimer should also have a more pointed comment about personal responsibility too?Prehaps the warning needs to be in 72pt text and repeated several times in radio ads?
Well they already have to say "your home may be at risk if you do not keep up your mortgage repayments" and that doesn't stop some people missing repayments and ignoring the problem instead of contacting their lender ASAP to sort things out.
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