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alex228

Mortgage References From The Letting Agent?

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Hi, I decided to buy a reasonably looking and priced house (read: I'm stretched to the max) and asked the letting agent if they can take last month off the deposit to help me a bit. I know some agents allow it. This one however said I would be in arrears then and they would need to tell the lender about it which may make mortgage fall through. Is this a real threat or just a bluff?

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Well you would be in arrears and have a debt that you owe. However, rent currently doesn't affect your credit file (unless equifax and friends have managed to change this) so it won't affect your credit rating unless it gets to court, so it wouldn't affect the lenders decision. Also I imagine you won't hand in your notice until you have completed and the mortgage is all signed and sealed so wouldn't be in arrears yet, so again it would affect the mortgage decision.

Having said all that if you are that pushed financially, you might want to take a little longer to complete, so you have time to build up a little more capital or shop around/bargin a little bit more on surveys, solicitors or houses......

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