Credit scores 'biggest block to taking loans'

Money News

www.moneynews.co.uk > Loans > Credit scores 'biggest block to taking loans'

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Credit scores 'biggest block to taking loans'

Increasingly stringent credit scoring criteria among lenders is becoming the main obstacle preventing intermediaries from placing a large loan, it has been revealed.

A survey carried out by Kensington has highlighted that 43 per cent of companies had experienced this struggle while applying to borrow more than £500,000.

The organisation carried out a survey of 680 mortgage intermediaries to acquire the result, which revealed self-employment was the second biggest stumbling block for individuals.

In addition, 22 per cent of respondents cited clients with more than one source of income as a significant factor in increasing the difficulty of taking out a substantial loan.

Alex Hammond, PR, brand and communications manager at Kensington, said: "A one-size-fits-all approach does not suit these customers, and so it is unsurprising that so many intermediaries face a number of stumbling blocks when looking for the right mortgage for a client."

His comments were made after Martin Bamford, chartered financial planner at Informed Choice, argued that payday loans should only be taken out as a last resort.

Click here for more loans news
 ADNFCR-323-ID-800750778-ADNFCR

Related News : Loans

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet