How to buy a House with Bad CreditBuying a house with bad credit
What is the best way to get a hypothec with a very bad credit rating?
Sound like your boyfriends have been vacuumed into the shiny displays of town house possession. First, the advice sells the house only once they clear their debts - the creditors usually let you add onto the mortgage. Now, if you have a problem with the house, you can take the money back. Answering your questions, anyone more or less can get a home or loan.
Mortgage loans are simpler since the debts are hedged against the ownership, so non-payment means that bankers get the house. Since the right to buy homes is downgraded and then have a rebate removed as well, lenders are lucky to say lending £60k on a house that is actually £90k worth as if homeowners will do;not paying up, the bench will get the house and make a very neat £30k profit over night.
2 to 3 years can be enough to begin to clear up a bad credit score, but it's not an automated thing and the valuation can go back a lot further than that, it means that your buddies will have to pay off all their debt and not have to take in new ones to keep up this "clean" medical certificate.
Since most credit ratings are also address-related, it is possible that there are too many debts in the budget as a hypothec is to be proposed. It is unlikely that the bank will be lending to someone with this indebtedness at the present time (as with the subprime market, which is currently under the microscope), but there will always be a creditor willing to give, no matter what the risk.
Of course, the risks here are that a credit review for a hypothec is more thorough and your friend can uncover fraudulent credits, etc. The lessee who purchases under the right to buy and then looses the ownership to the banks will not be able to consider relocating councils at all as he is intentionally regarded as without shelter (by not payment the bills) and the advice has no duty to accommodate them even if he has 50 children.
Really does sound like your boyfriends shouldn't buy the house. When they think they can buy their way out of debt by doing up a house and sale it, remember that they can't sale for 5 years without paying back their discount...and that's a long time to realize the principal gain in ownership all the time as they pay a mortgage. What is more, they can't buy their way out of mortgage by doing up a house and sale it....