Saturday, Jul 08, 2006

Time to reign in the Banks? Shaking off the debt stigma

A poor credit record is no longer a bar to taking out a mortgage. While 10 years ago a county court judgment or a default on a loan repayment would have shut you out of home ownership, lenders are now falling over themselves to lend.

Posted by uncle chris @ 09:04 PM (580 views)
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1. bidin'matime said...

"The Scarborough Building Society allows [credit impaired] borrowers to switch to its core mortgage range after three years as long as their credit record has improved and they have missed no more than two payments on their credit-impaired mortgage."

Have they gone completely mad???

Saturday, July 8, 2006 11:30PM Report Comment

2. Retiredbanker said...

Have they gone completely mad???


They will of course have ensured that there is sufficient equity in the property to cover the borrowing should they
need to foreclose and sell if the debtors default.

Sunday, July 9, 2006 10:48AM Report Comment

3. Click said...

They will of course have ensured that there is sufficient equity in the property ??

Hence why house repossessions are on the up

Sunday, July 9, 2006 12:35PM Report Comment

4. bidin'matime said...

Presumably based on today's prices...

Sunday, July 9, 2006 03:15PM Report Comment

5. Time To Raise Petrol Prices said...

After three years, the defaults will no longer be visible on the credit report anyway! (although some types stay on for six). They could just go to another high street lender with a clean slate. The ruse is really to keep them with the same lender.

Sunday, July 9, 2006 05:09PM Report Comment

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