Summary
From time to time there will be customers who will have experienced circumstances beyond their control, and you may have to make a judgement call based on their personal situation.
Missed mortgage / rent arrears
If this has happened in the last 12 months, it won’t usually be accepted. That said, we may consider the situation through an Individual assessment.
Unsecured arrears
We will carry out an individual assessment.
County Court Judgements (CCJ) and registered defaults
None in the last 36 months. Plus, they must be satisfied prior to the mortgage application.
They may be acceptable in the following situations:
- All CCJs/defaults were registered more than three years ago and satisfied prior to mortgage application.
- All CCJs/defaults were satisfied more than 12 months prior to application regardless of date of registration.
- The CCJs/defaults in aggregate amount to less than £300, regardless of date of registration, and were satisfied prior to mortgage application.
Individual voluntary arrangement (IVA) and discharged bankrupts
IVA/bankrupts who have been discharged over three years ago and who have no residual debt may be accepted subject to individual assessment.
Repossessions
Not acceptable
Review
We will review this guidance every two years or when there has been an update to legislative, regulatory, best practice or operational changes.
For more information, please contact the team on 023 9282 2251 or Leaseholder@portsmouthcc.gov.uk