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Payday loan 'risk to mortgage applications'
Taking out a payday loan could endanger people's chances of getting a mortgage whether or not they had difficulties repaying the cash, the BBC has learned. Nearly two-thirds of brokers contacted by trade publication Mortgage Strategy for Newsnight had a client turned down for a mortgage after a payday loan. A record of a loan will remain on a credit record for nearly six years. Business Secretary Vince Cable said borrowers would receive warnings under future advertising regulation changes. According to evidence gathered by Newsnight, many mortgage applications have been instantly declined and credit scores adversely affected after people took out payday loans.Out of the 279 replies received by Mortgage Strategy, 184 brokers said they had clients in such a position.................Read more hereYou must be logged in to post a comment.
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