Urge Lenders to Consider Timely Rent Payments as Enough Mortgage Requirement

The Goal. Urge lenders to let borrowers with sufficient proof of rent payments qualify for a mortgage.

The Problem. Bank statements, list of debts and assets, credit reports, the list goes on. There are just too many requirements needed in applying for a mortgage. If you’re in the UK and are planning securing a mortgage, this is nothing new.

A majority of lenders do consider rent payments as adequate proof that someone can comply with mortgage rules. Right now, rent prices can equal, or even exceed the price of a mortgage. So, it is only logical that people who are able to pay their monthly rent should be granted a loan.

The Solution. Borrowers with a good credit standing and can show that they have rented for a period of at least ten years should have their mortgage applications approved. We all know how tough it can be to juggle both being able to pay the monthly rent and maintaining a good credit score. The amount reflected on their pay slips might not tell much but being able to handle both shows a person’s determination and respect to their financial responsibilities.

But there are those who struggle in securing a loan or a remortgage due to a bad credit score. If you have been declined a mortgage because of this, don’t worry because 1st UK Mortgages is here to help you. Visit the experts in bad credit remortgages at https://www.1stukmortgages.co.uk/bad-credit-remortgages/.