The Times - Planning a family? It can cost you a mortgage
First-time buyers are being denied the cheapest mortgage deals as banks penalise young borrowers for wanting to start a family.
Four out of five homebuyers with small deposits are being turned down for the best home loans, despite lenders trumpeting rock-bottom rates, according to mortgage brokers.
However, these deals are available only to a select few, with many borrowers still struggling to find finance as banks tighten their lending criteria.
Lenders are offering “fantastically low rates” but they are getting increasingly difficult to qualify for, said Aaron Strutt, of Trinity Financial, a broker. “To qualify for the top deals borrowers need to find a lender happy with the way they are employed, their salary and credit score. Not to mention any debts and expenses they have. Low credit scores, unsecured debts, company share-save payments, student loans, pension restrictions, school fees and child care costs are causing problems for borrowers,” he said.
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