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HOME TRUTHS.

Q I inherited some money earlier this year, and used it to buy a flat which I rent out. Can I use this money to set up a personal pension fund for myself?

A SORRY, you can't. At the moment, you can only pay into a private pension fund money from what is called "relevant earnings", which basically means you have to be in paid employment.

But the good news is that from April 2001 the government are setting up a new scheme called "stakeholder pensions" and, under this system, you should be able to contribute your rental income and money from other sources.

In the meantime, you can always invest any spare cash you have in an Isa, and build up your savings for the future.

Also, many private landlords consider their property to be a good pension for the future, so you might like to consider investing any spare cash in buying another flat to rent out.

Q MY son has just been refused a mortgage, and can't understand why he's been blacklisted. Is there any way he can check if a mistake has been made in his credit records?

A YES, for a pounds 2 payment to each, the two major credit reference agencies, Experian and Equifax, will supply your son with the information they have on file concerning him, and also advise him on how to have any incorrect information removed.

Telephone Equifax on 0990 783 783 and Experian on 0115 976 8747.

He should also check with the bank or building society who refused him a loan.

It could be that they work on a "points" system, in which case your son would have been refused a mortgage not because of a bad credit record, but because he doesn't HAVE a credit history - for example, if he's never had a credit card, or always paid cash for anything he's bought, rather than financing it with a loan, and paying it back in monthly instalments.
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Title Annotation:Features
Publication:Daily Record (Glasgow, Scotland)
Date:Oct 26, 1999
Words:329
Previous Article:First classics.
Next Article:MORTGAGE CHECK.


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