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Your Credit Card and Mortgage Payments are recorded on your Credit File but if you are a tenant your Monthly Rent payments are not recorded. Tenants could pay the full rent the day before its due! but your credit file wont reflect their payment worthiness. Tenants could be late, make part payment or none what so ever and the next landlord to offer them housing would be none the wiser.
This has now changed thanks to Experian and their partners LandlordReferencing - landlords can now include a tenant’s payment history in credit reports, with their permission, strengthening their credit history.
Experican are calling it "Rental Exchange" and say that it will offer a secure and compliant way to make this happen. Tenants will have to give their landlord permission most likely at the time they sign their Tenancy Agreement to provide payment history to Experian. We are yet to get it confirmed if tenants can give retrospective permission for their past credit history although it seems likely.
The Property Ombudsman has renewed calls for a crack down on Rouge Letting Agents as complaints increase 26% between 2010 to 2011. It goes on to say that 25% of those were not registered with The Property Ombudsman and concidering the annual cost of £228.00 and no obligation to join - that is no supprise.
Convervative policy is well known to de-regulate to increase innovation and entrepreneurship. Therefore the Ombudsman is trying to ensure that Landlords avoid agents who are not registered to the Ombudsman Code or industry bodies such as ARLA, NALS or RICS.
Paragon Mortgages have shown a significant increase in the number of first-time landlords. With a 4% increase in first-time landlords applying for a buy-to-let mortgage (quarters 3 and 4 in 2011) - that is more than double the level at the peak of the financial crisis.
John Heron, Managing Director of Paragon Mortgages, says: "The final quarter of 2011 was for many intermediaries a successful one, with increased optimism about the coming months and a steady improvement in the level of buy-to-let business being written. With record levels of rental demand being reported it is good to see that existing landlords are increasing the size of their portfolios but it is particularly notable that the proportion of new landlords is also increasing."
The NewBuy scheme enables lenders to offer up to 95% mortgages to persons wishing to buy a New Build property. If you have a deposit of between 5% and 10%, and meet the mortgage lender’s affordability requirements, you may be able to buy a newly built home under the scheme UNLESS the property is not to be used as your Main Home.
This means that Landlords can not use this as a gateway for 95% mortgages backed by the government, its mainly for First Time Buyers. but is their a way?