Mortgages more accesible but not for all

A survey done in 2006 indicated that 1 in 4 people in the UK were considered to have a poor credit rating. its no wonder then that the bad credit mortgage market is wedening and more major players are entering.

On the other side of the coin however, the bank of England has raised interest rates for the 5th consecutive time. This for the consumer means more misery, mortgage rates will go up atleast temporarily.

Home owner misery is nothing compared to what first time buyers with bad credit would face; Not only do they (in most cases) have to put up deposits of up to 20% and face high interest rates, now those interest rates are set to get even higher. The house price boom is not showing any signs of a bust any time soon.

I suppose first time buyers would have to work extra hours, or convince their parents to release some equity from their own properties.

Borrowing another's credit rating

An intersting concept has started around the web; borrowing someone else's credit rating to help improve your own.
instead of going for bad credit credit cards which may take years to repair one's credit rating, some people are paying thousands to be added to someone else's credit card.

some online Credit repair companies are becoming egencies for agencies for people off good and bad credit to come together...

I can only wish i had a perfect credit score, nothing wrong with making a few bucks for good behaviour