Did they give you a mortgage costing over 50% of your income , or have things changed ?
Missing a mortgage payment will result in a black mark appearing on your ICB credit report. If you reapply for a mortgage, it's extremely unlikely you'll be approved again.I dont even know if I would get another mortgage to buy another house now due the arrears on the mortgage.
The vast majority of people will have perfect ICB scores. In terms of mortgages at least, only 3-4% of all outstanding mortgages are in arrears.I also think that in the future if things ever get back to normal not having a perfect ICB will not be as bad as it is considered now because lots of people are in the same boat and a lot of them through no fault of their own.
The vast majority of people will have perfect ICB scores. In terms of mortgages at least, only 3-4% of all outstanding mortgages are in arrears.
I know it's easy for us to say, but don't let yourself get overly stressed. Remember, you're doing all you can to meet your obligations. If EBS decided to repossess, a judge will look upon you favourably if you have been proactive about your affairs (like you've been so far). Also, the worst-case scenario is that you'd lose the house and have to go back into council housing. Not pleasant, but no one will die, you'll have a roof over your heads and your children will still be fed.Missing a mortgage payment will result in a black mark appearing on your ICB credit report. If you reapply for a mortgage, it's extremely unlikely you'll be approved again.
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