Require Mortgage Lenders to Accept Rent as Proof of Payment Capacity

The Aim. To persuade lenders that they should mainly look at rent payments to measure a person's capability of repaying mortgages.

The Issue. Currently, borrowers are bombarded with many requirements from mortgage lenders. Included in the list are pay stubs, bank statements, tax returns, and so much more. What the lenders do not see is that rent payments are good enough proof that people requesting a mortgage can manage to repay.

Being able to pay for rent tells a lot. Not everyone can keep up with the rising costs of rent each year, and come to think of it, the cost of rent can even get higher than that of a mortgage. Which is why rent payments should be accepted. Those who are able to manage and pay their monthly dues show that if they are capable of generating enough to cover their monthly expenses, then they can also pay back their mortgage.

The Solution. People who can provide proof of regular rent payments for at least ten years and have a good credit score should have an easy application for a mortgage. The said rent payments and the good credit score should be the indicator that the person is serious about the agreement he is engaging himself in.

But what if you belong to the other side of borrowers with bad credit? You can get help from 1st UK Mortgages, whose specialty is in bad credit mortgages, and will make sure your loan gets approved.  

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