This week we are running a poll to find out whether payday loans are affecting borrowers’ ability to access mortgage finance.
A year ago we ran the same poll and found that over two in five brokers (44 per cent) had at least one client who they suspected had been turned down for a mortgage as a result of taking out a payday loan.
On Monday we repeated the poll to see if the situation had gotten worse, asking: “Have you had a client with a payday loan who has been turned down for a mortgage in the past year?”.
So far 58.8 per cent of readers say they have had a customer barred from accessing mortgage finance because they had taken out a short-term loan in the past 12 months.
In order to determine the true extent of the problem, we need brokers to tell us about their experiences and vote.
By doing so you will be raising awareness of what could potentially be a huge issue.
Please register your votes (click here to get to our poll page) and share your experiences below. We will collect the final results later this week.