Friday, September 4, 2009
Tells it like it is
Hundreds of thousands of homeowners coming off tracker deals with rock-bottom interest rates face a sharp rise in monthly repayments despite a series of competitive deals introduced this week. Lenders â€˜blacklistâ€™ certain professions. Potential redundancies are not the only job-related cause of rejection. Certain lenders hold â€œblacklistsâ€ of jobs considered at risk. Late last year it emerged that Royal Bank of Scotland would not consider applications from borrowers who took 30 per cent or more of their income from the property market. Other lenders have since followed and cut lending to property professionals. Almost every mainstream lender has also tightened the rules on bonuses and commissions, making it much harder for workers who depend on the extra cash to make up their salary.