Moves to Include Rental Record in UK Mortgage Affordability Calculationgary
At last, in what would be a glimmer of sanity and a massive help for first time buyers, the government are considering allowing FTB’s to use records of rental payments as one element of proof of affordability for mortgage sales. It has always seemed so obvious to everyone in the industry and the world in general that if a couple have been paying £900 a month in rent for 4 years then it’s hardly likely that a £700 a month mortgage is going to be beyond their ability to pay.
Regardless of what conventional affordability calculations may say the whole situation is evidence that everyone’s priorities and spending habits are different with different circumstances and priorities and more effort is needed in personalising circumstances rather than just trying to lump everyone together in terms of lifestyles and the cost of these lifestyles.
If the government manage to pull this off I’m sure that many mortgage brokers would even forgive them for trying to rob us via the recent National Insurance debacle.