Get instant online valuation

LETTING & ESTATE AGENT

We are pleased to announce that following the government’s guidance on moving home during the coronavirus pandemic, our branches in England have now re-opened for pre-booked appointments, and our branches in Scotland in Wales will start re-opening their doors over the coming days. Health and safety remains our main priority, and in line with government’s advice, a number of strict measures have been put in place to protect our staff and customers. Visit our branch page to find contact details for your local office.

Payday Loans Reduce Chances of Obtaining a Mortgage

Payday Loans Reduce Chances of Obtaining a Mortgage
Southampton City

Southampton City

23/09/2013

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.

Back to all articles