Rent a mortgage?

Monthly mortgages are usually cheaper than rent. However, many cannot get a mortgage in the first place.

Lenders want proof you’ll be able to pay it back. Unfortunately, showing that you have successfully paid rent for years isn’t good enough.

But more than 140,000 people have signed a petition to change that.  Calling on lenders to take past performance as a tenant into account.

Jamie Pogson, who set it up, said he has paid ‘£70,000 plus, in rent on time yet still struggle to get a mortgage’.

‘I want paying rent on time to be recognised as evidence that mortgage repayments can be met’.

 

TNT Business

Photo Credit: Nick Youngson

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