Data provided by iNet BFA
Loading...
See More

Blacklisted – will I get a mortgage?

Oct 20 2010 10:57

Related Articles

Should you fix your mortgage rate?

Absa allows mortgage skip

Packing up your troubles

Can I afford a house?

Cape households have biggest debts

Property: sell it or let it?

 
SHOULD you bother applying for a home loan if you don't earn a lot of money - and you have a negative credit record?

A Fin24 user writes:


I live in an informal settlement and want to buy my own house. I don't earn a lot of money, and I have a negative credit record.

Is there any chance that I will be able to qualify for a home loan?

Marius Marais, CEO of FNB Housing Finance, responds:


Many customers ask us if it is worth their while to apply for a bond if they are blacklisted, and our answer is simply that it depends on several things.

The first issue is the amount you were blacklisted for. If you were listed for R1 000 or less and it is paid up, then yes, you may apply for a Smart Bond. FNB Housing Finance provides home finance for people earning no more than R15 000 per month (total household income).

The second issue is when you were blacklisted. If it was more than 12 months ago and the amount has been paid in full, your bond application will be considered.

The last issue is if you have repaid the money you owed, or if you have been "rehabilitated" in a court. If you can provide proof of either of these, you are free to apply for a Smart Bond.

 - Fin24
credit record  |  mortgage  |  home loan
NEXT ON FIN24X

Dreaming of owning a house

2014-07-25 18:20

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
10 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

Life gets tough for OneRandMan

Life is getting a little crazy for OneRandMan. With all his debit orders and credit repayments taken care of, he has little left to spend on tempting extras.

 
 

Start saving...

Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account
All about endowments

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...