A recent report has shown how many people looking for affordable mortgage deals could end up getting a raw deal due to more stringent credit checks and strict customer profiling that is being used by banks. The global credit crunch has resulted in far tighter lending criteria from home loan lenders, who are being far more cautious over who they lend to and how much new business they take on. This all spells bad news for the thousands of homeowners that are due to come off cheap fixed rate mortgages in the coming months.

Many of those that come off cheap fixed rate mortgage deals over the coming months will be forced to go on the lender’s standard variable interest rates, which means that their mortgage interest rate is likely to leap and their monthly repayments could rocket. This in turn is likely to add to the already soaring number of expected repossessions, which the Council of Mortgage Lenders has estimated could reach over fifty thousand over the course of this year.

When using this customer profiling the banks look at a number of factors in order to determine an applicant’s creditworthiness. Those classes as a high risk could find themselves automatically shifted onto the lender’s crippling standard variable rate when their cheap fixed rate comes to an end. Amongst the factors that lenders look at with customer profiling are the equity levels in the applicant’s home, the income of the applicant, the credit status of the applicant, and how likely to the applicant is to fall behind with repayments.

One industry official stated: “It tends to penalise those already worse off. If you have significant equity, are a good credit risk and have a large income you will be the kind of customer that a lender does not want to lose. On the other hand, if you are a young borrower with low earnings and little equity, you are less likely to be offered another deal, which means going on to an expensive SVR.”

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The micro compact home is a lightweight compact dwelling for one person or a couple. If you are used to a lot of space, you will find this home extremely small. Dimensions of 2.6m cube adapt it to a
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