The Sunday Telegrah - Mortgage drought could 'kill housing recovery stone-dead' next month

Tens of thousands of borrowers could be turned down for mortgages this summer because they are deemed to spend too much on pets, eating out or other luxuries, a banking chief has warned. Aaron Strutt, of brokerage Trinity Financial, said to The Sunday Telegraph that anyone planning to take out a mortgage should start preparing at least three to six months in advance by limiting spending on luxury items and holidays and paying off credit card debts. Borrowers planning to have children in the near future, he said, should consider securing a mortgage first, before costs such as loss of income and childcare can be assessed by lenders. He added: “It’s also important to do some research by checking lenders’ affordability calculators online before formally applying for a loan. And don’t submit multiple applications to different lenders. If you are refused a mortgage by more than one or two lenders it will impact on your credit score.” Click here to view the full story. We are not responsible for the accuracy of the information contained within the linked sites accessible from this page. March 3, 2014