Rent arrears are more commonplace than mortgage arrears. Around 3% of all people with a mortgage are in arrears at anyone time. Compared to 11% in rent arrears.
If you are in rented accomodation and currently experiencing difficulties it is still possible to arrange a mortgage. Whenever you apply for credit, your prospective lender will go to a credit reference agency for information about you. Never mind Big Brother – credit reference agencies, of which there are only a few in the UK, know everything about you. Every loan, credit card, store card or mortgage you’ve ever applied for will be listed, including ones that were turned down.
Your payment history on each loan will be on file, plus that of people who live at your address. Experian and Equifax are the two main companies that the lenders use. Knowing what is on file about you is a good idea before you apply for a loan. It is relativley easy to obtain your credit history, see links down the left hand side of the page for more information.
For council tenants who want to purchase their council property under the right to buy scheme it is very easy, but even those in arrears to a private landlord can be helped. A bad credit mortgage broker will have access to specialist lenders who can help you.
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RENT ARREARS