Thursday, Apr 22, 2010
Up tp 75%LTV! I was expecting about 35% LTV when I read the title
Telegraph via Yahoo Finance: The mortgage that doesn't require a credit score
Legal & General (3166.KL - news) has launched a new mortgage where applicants do not need to be credit scored.
Legal & General Mortgage Club has launched a new mortgage where applicants do not need to be credit scored. The two-year fixed-rate mortgage, which has a rate of 3.35pc, is the only offer of its kind available to borrowers.
Posted by flintster1994 @ 06:42 PM (857 views) Add Comment
3 Comments
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1. ianbe said...
Big deal. So they won't credit score applicants.
It doesn't mean they won't run any checks though.
There are many ways to assess a potential borrower. Credit scoring is just one of them.
2. gone-to-colombia said...
Why would it be wise not to check a person's credit?
Wouldn't anyone getting into any business relationship with a company want them to be acting in a prudent manner?
3. drewster said...
They're verifying loans on a case-by-case basis, the old fashioned way, rather than relying on computer-generated credit scores. No harm in that.
Besides, at 75% LTV the market would have to fall by 25% before the bank loses out. None of the banks (so far as I'm aware) are factoring in such high house price falls.