British Lender Denies Mortgages To Payday Loan Borrowers

Posted by Orb Staff on July 13, 2012 No Comments
Categories : Residential Mortgage

11980_uk_pound British Lender Denies Mortgages To Payday Loan Borrowers A British lender specializing in subprime loans has announced that it will not originate mortgages for borrowers who had a payday loan during the previous three months, regardless of whether the loan was paid back.

According to a report in The Guardian, GE Money says that it will also not originate mortgages for borrowers who took out two or more loans during the 12-month period following the previous three months.

‘As a responsible lender in a challenging market, we review a range of data to make prudent mortgage lending decisions,’ says GE Money in a statement. ‘Payday loan data is one of many items included in this review, and if a mortgage applicant has a current, or had a recent, payday loan, it is unlikely that we will consider their mortgage application.’

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