What is the effect of credit being taken into account in the context of a mortgage application?
Saskatchewan, Canada
The following excerpt is from Patterson Motors (1962) Ltd. v. Riley, 1966 CanLII 360 (SK QB):
In the Skyring case Abbott, C.J., said at p. 289: Every prudent man accommodates his mode of living to what he supposes to be his income; it therefore works a great prejudice to any man, if after having had credit given him in account for certain sums … he may be called upon to pay them back. See also Holt v. Markham, [1923] 1 K.B. 504.
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