Payday loan users may have their mortgage applications declined

Aaron Strutt Image

BBC Two's Newsnight programme highlighted research from Mortgage Strategy magazine which shows almost two-thirds of brokers have had a client's mortgage application refused because they have had a payday loan.

Newsnight's Jeremy Paxman asked business secretary Vince Cable whether he thought it was fair that people endanger their chances of getting a mortgage simply because they have taken out a payday loan.

Mr Cable said that it is not fair based on the information put forward. He also went onto explain: “Now that the industry is being properly regulated this should stop. In future there will effectively be a health warning telling applicants that their credit record will be damaged if they apply for a payday loan.”

November 29, 2013

Get Started

Get started today

Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.

Google Reviews
Trustpilot
Book a Consultation Talk to an Expert
As seen in
Sunday Times Telegraph Financial Times BBC News The Express The Times