Can you get a home loan?
We've both tried individually and together and keep getting declined, so we're giving up and just going to deal with having to rent.
46-50, C
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DearAmbellina2113 · 41-45, F
mksworld · 46-50, C
The costs of property against the ability to fund it is a big kicker especially here. To get a 20 pct deposit an individual now has to save on average at least 10 years but 10 years ago that was only 3 to 5 years to do the same thing. Our incomes combined equate to one person on a really good paying normal job, so because we're two people co-habiting a lot of lenders won't look at as like a 'defacto couple' with pooled resources.
mksworld · 46-50, C
Here we have to get a 20 pct deposit to avoid the sting of Lenders Mortgage Insurance which is our biggest hurdle. We don't qualify for any first home buyer incentive programs and Mel's work isn't stable enough (it's casual with no permanent contract).
Gangstress · 41-45, F
Did they give a reason why you couldn't?
We had to join the electoral list and get a credit card as they couldn't view our credit history..although if ive never had a credit card that should be a good sign, were uk based
We had to join the electoral list and get a credit card as they couldn't view our credit history..although if ive never had a credit card that should be a good sign, were uk based
They usually want to you to put down between 10-20% before they will give you a loan. We put down 20%.
What did they say your disqualifications were, not enough collateral, not enough down payment, generally 10% of the total home cost, or too low of a credit achore?
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@mksworld You never paid even one utility bill that was in your name ever in your life?
mksworld · 46-50, C
@NativePortlander1970 Missing the point - because we've never fallen into arrears seriously enough to require enforcement/recovery actions to be started none of that gets recorded on a 'credit file'. So it's not factored into 'credit score' calculations. Of course we pay bills - but we nearly always pay them on time and the few times we've fallen behind it's never got to the stage of being 'delinquent' (which is when such actions get recorded on credit file databases).
@mksworld No, you're missing the point, paying utility bills, in your name, on time, HELPS to build positive credit, your timely payments are recorded as well.