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Difficulties with loan charges 'can make mortgages hard to access'

People who have struggled to pay off credit card charges and have been forced to make payday loan claims could find they are ineligible to apply for a mortgage.

Your Mortgage Decision director Dominik Lipnicki said the coalition's funding for lending scheme has reduced rates for housing finance loans, but lenders are "still trying to attract the same clients".

As a result, only members of the public with sizable deposits, sufficient provable income and a "clean credit rating" will be eligible to take advantage of the lower mortgage rates, he added.

The representative noted that mortgage lending has fallen since the credit crunch "because of lending criteria rather than high interest rates".

Many people are therefore unable to remortgage, move house or purchase their first home because they "do not fit the lender's very tight lending criteria", Mr Lipniki said.

Recently, the British Bankers' Association reported that the number of mortgage approvals granted to people who wished to buy a home was 17 per cent lower in June 2012 than it was in the same month one year prior.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate financeADNFCR-2776-ID-801435910-ADNFCR

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