A standoff between banks and the government means that loan applicants could be rejected if they receive the new payment. We speak to a buyer caught in the middleThousands – perhaps even millions – of people could contain peril obtaining a mortgage because of problems with the way the government’s universal credit system and banks and building societies “talk” to each other.
A Guardian Money investigation into the difficulties experienced by a homebuyer living in one of the areas chosen to test the new benefit has revealed that some recipients could be at risk of being turned down for a mortgage. Some lenders are saying they will not accept universal credit at all when calculating how much they will lend,while others contain apparently not amended their IT systems to deal with it – main to problems and delays. On its published list of acceptable income types, Halifax’s website simply gives a blunt “no”.
Continue reading...
Source: guardian.co.uk