If you want to get a mortgage, the property you buy has to be viable for one. This means it should- Ideally have no outstanding liens or attachments on it (loans or mortgages);
- Clear Title (the current owner is the sole and legal owner of record);
- Be brick built (not a mobile home or other temporary structure);
- Be structurally sound i.e. not a wreck.
| General Consumer Tip: Don't take on an e-mortgage thinking "Well, I can always go bankrupt if I get into difficulties". This is folly. If you go bankrupt, it will be entered in the records of the County Court, and you will find it very difficult, if not impossible, to get credit of any kind in the future, except at usurious rates. Also, the financier you owe the money to will make an entry into your credit record. Credit referencing agencies make it their business to sift County Court records, to keep their databases up to date. You will have shown you can't be trusted to pay back e-mortgage, therefore why should any provider, hire purchase provider or credit card lender take a chance on you?
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| General Consumer Tip: It's very easy to set up as a product seller on the internet, without any qualifications, or even having an office. This makes it very easy for crooks and incompetents to rip-off the desperate. A 'substantial site' is one with a postal address, telephone number, named personnel and preferably a member of, or regulated by, a relevant authority you’ve heard of. A dodgy site has none of the above, a .info domain name, a lot of hype, and asks you for money upfront, payable via Western Union or personal cheque.
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