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Payday Loans Reduce Chances of Obtaining a Mortgage

Payday Loans Reduce Chances of Obtaining a Mortgage

Mortgage brokers are reporting that up to 85% of mortgage applications are being declined when the applicant has taken out a payday loan, whether it has been repaid or not.


Some mortgage lenders have strict terms and conditions. Lenders such as Kensington Mortgages or G E Money will not lend to any applicant that has taken out a payday loan within 3 months of applying or taken out more than one loan within the last 12 months. 


It is important to investigate the terms and conditions of the lender prior to applying as discrepancies such as payday loans may influence the final decision. 


For more information on the property market in Southampton, whether you are buying or renting, selling or letting your property, then give Martin and Co Southampton City a call on 02380 988881.