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  • FIRST POST
    • seanjc89
    • By seanjc89 8th Oct 16, 10:08 PM
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    seanjc89
    Joint Tenancies and Credit Affordability
    • #1
    • 8th Oct 16, 10:08 PM
    Joint Tenancies and Credit Affordability 8th Oct 16 at 10:08 PM
    Hi All,

    I recently applied for a personal loan from my bank and was declined based on affordability. I asked to examine the decision in branch as based on my calculations I felt I should have been fine on this front. It turns out that as I have a joint tenancy agreement, they have to take into account the entire amount of rent rather than just my own share. Living in London, the total value of mine and my housemates rent is almost the full amount of my basic net income so its unsurprising that I was failed on affordability.

    My question is, do all lenders use this approach? If this is the case I can't imagine how anyone in a joint tenancy ever gets approved for any credit products!

    Thanks in advance.
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