With stricter lending rules on the horizon, we don’t want you to lose your chances because of an ignorant post on Twitter. Sure, we want to share everything on social media. However, you need to think twice if you like to get the most desirable housing loan on the market.
Here are 10 housing loan taboos that you shouldn’t share on social media.
If you’ve recently become self-employed, don’t share it on Twitter. This will only ruin your chance of getting your housing loan approved. Self-certified loans have long been restricted because of its abuse.
To become viable for a housing loan, you need the business to be established. So, if you’ve been self-employed for less than a year and a half, wait a little longer. Money Lenders have different ways to calculate borrowings and some of them only take your average income for the past three years.
Major Lifestyle Changes
Any recent major changes in your lifestyle shouldn’t be shared on Twitter because it could affect the amount you can loan. Lenders want their customers to be financially stable. Having a baby or moving to another job is likely to increase scrutiny in your profile when applying for a housing loan.
Moving to another address is another major concern for lenders. You should at least be using the same address for at least three years to be considered as an eligible client.
Not Registered To Vote
You’re likely to face more identification checks if you’re not registered on the electoral roll yet. A vote registration will serve as an easy verification to your identity. For registration, check the website of your local council to sign up online or call them.
Proof You’ve Been Utilizing Payday Loans
A payday loan isn’t only controversial for its high-interest rates, but it’s also a large obstruction to your housing loan approval. Financial institutions believe that those who use payday loans regularly can’t manage their finances. If you already send this kind of impression then your housing loan application is at risk.
Applying For Too Many Housing Loans
Every credit check will leave a mark on your file. Any rejection will show on your file and hurt your credit score. If you’ve been denied, use a broker than applying directly to a lender.
Payments To Gambling Websites
Never share on Twitter that you’re hooked into gambling websites and making regular payments to them. This can be a major factor for lenders to reject your housing loan application. We’ve seen lenders deny applications for having regular payments to BetOnline.
Spending more than your bank account can afford is a big no-no. Lenders tend to check your profile and if they see that you’re regularly getting overdrawn, you’ll leave a bad impression. Overspending sends a message that you don’t know how to manage your finances and might not be capable to pay your timely dues.
Another sign of stability that lenders need to see from you is to stay with the same bank for a long period of time. Never share on Twitter that you have changed banks several times because that will hurt your housing loan ambition. If you’re planning to get a housing loan, stay with a bank for at least three years.
Again, lenders want to see that you’re financially stable to get a housing loan. Never share on Twitter that you have a lot of financial woes that need to be sorted out. Lenders will treat this as a sign that you’re not capable to pay the housing loan on time and might reject your application.
Large Outstanding Debts
Never share on Twitter about any large outstanding debts from your personal loans because that will put a risk to your housing loan application. A large debt will restrict the amount you can loan. For a better outcome, pay your debts before applying for a housing loan and avoid taking a new one. Or you may seek help from an expert or a Loan Advisor.