Are banks discriminating against "stay at home mums"

~Brock~

I suggest the OP reads this - in particular Section 4.

With an army of ambulance chasers sharpening their pencils as we speak, waiting to take advantage of and abuse this guidance, is it any wonder that lenders are withdrawing their services from all but those that probably dont even need credit?

woody01

But you have no guaranteed income.
Why would a bank give you more credit without an income? They are being responsible (for a change).

cooltt

Stay at home mum? isn't that another term for lazy can't be arsed to work!

My mum had 4 boys no husband and 2 jobs to make sure we all got fed, Jesus how times have changed!

~Brock~

cooltt wrote: »

Stay at home mum? isn't that another term for lazy can't be arsed to work!

My mum had 4 boys no husband and 2 jobs to make sure we all got fed, Jesus how times have changed!

No need for that type of uncalled for comment. This subject is about the decision taken by the bank not other people's personal views or prejudices about the OP's circumstances.

eden37

The banks have certainly tightened up their lending criteria and staff have to follow the rules as loans are checked on a regular basis by the banks risk dept.Certain income is allowed to be taken into account when looking at a loan application .None allowable income e.g income support can not be taken into acount.Maintanance and tax credits can be used as long as they will be paid to the applicant for the whole term of the loan. I dont know if all banks follow the same guidelines-I can only speak for the one I work for.

RobertoMoir

I don't see this as prejudice. I doubt there's someone at the bank's loan processing centre stamping "Denied" over your paperwork while giggling "Hah another stay at home mum denied. That'll show them... now where did I leave my daily mail?"

It's probably down to a straight business decision: Risk vs. Return on lending someone with your income profile money. And they're certainly not obliged to lend anyone money... not only can they afford to be picky right now, they'll get crucified if they aren't picky.

Foggster

I know that when I went for a mortgage I wasnt allowed to use the child maintenance off my ex because it wasnt a court order but a private agreement.

I also think the bank may be concerned that even though you are paying your loan off each month you have built up debt on a credit card which would not help your case.

Just some thoughts.

[Deleted User]

Rossy. wrote: »

This i agree with,

Me and my partner have a 6 month old son, We don't live together yet but i'm there daily, each month on pay day i give her £300 to make sure she gets what he needs i.e food,clothes etc

She doesn't see it as an income as its money for him not for her

if shes claiming anything as a single parent then shes committing fraud,you have a financial link,you spend time there everyday,you have a child together?
get sorted or you maybe in deep pooh

diable

I don't think they are discriminating against anyone but are just being choosey the same as I would if I was going to lend someone £20 who I knew might not pay me back. Its just a sign of the times.

Rossy.

woodbine wrote: »

if shes claiming anything as a single parent then shes committing fraud,you have a financial link,you spend time there everyday,you have a child together?
get sorted or you maybe in deep pooh

No she isn't claiming as a single parent, We are not that sort of people,We are in a relationship but have chosen to live like this as my flat is not suitable for us both and our child, plus its convinient being at her mums with an extra pair of hands to deal with my boy.

I dont see how me giving her £300 per month to provide for my boy is dodgy