Property News · February 8, 2014

The black marks on your credit record that can scupper a mortgage


A poor credit record from a forgotten bank account can come back to haunt you, as one would-be borrower found outA bank account that Jennifer Munkley thought she had closed years before has come back to haunt her – and almost lost her the £220,000 house she is trying to buy. She is the latest person to discover to her cost that a relatively trivial historic issue such as a missed mobile phone payment or, in her case, a few £5-a-month fees on an old bank account, can spiral out of control and jeopardise a mortgage.Munkley and her partner Paul Oliver, both first-time buyers, recently applied for a mortgage with HSBC after setting their hearts on a three-bed semi in County Durham. They both have good jobs, had saved up a deposit and met all the eligibility and affordability criteria, so they were shocked when their application was rejected. Continue reading…

Source : theguardian.com
Read more…The black marks on your credit record that can scupper a mortgage

You may also like...