Weight Loss Pills Could Cut Your Mortgage Dreams by Thousands - Experts Warn
For many struggling with weight, the prospect of losing a few pounds can seem like a godsend. But experts warn that spending thousands on weight loss pills could have an unexpected side effect: it could reduce the amount you can borrow for your dream home.
The issue comes to light in mortgage assessments, where lenders scrutinise applicants' income and outgoings. Subscriptions, memberships, and regular payments such as weight loss pill prescriptions are all taken into account. And if these monthly expenditures add up - say, £200 to £300 per month - it could knock a whopping 20 grand off the maximum loan offered on a modest salary.
The UK's weight loss epidemic is on the rise, with over 1.6 million adults now using privately prescribed jabs to shed pounds, at an estimated cost of £100 to £350 per month. While some mortgage brokers say these payments should be viewed as "discretionary" spending that could be cancelled at any time, others are more cautious. Jamie Alexander from Alexander Southwell Mortgages warned: "If regular weight loss jab payments show up on someone's bank statements, lenders will treat them like any other committed bill - it's not just a matter of cancelling if you want to."
Experts warn that those struggling with weight may need to cut back on non-essential spending in the months leading up to applying for a mortgage. But with many banks no longer scrutinising applicants' bank statements, this might be easier said than done. Aaron Strutt at Trinity Financial noted: "If an applicant is spending several hundred pounds a month on weight loss pills, lenders are probably going to want to know about it."
The impact of these monthly outgoings could be substantial - reducing the maximum loan offered by tens of thousands of pounds. And while some experts say this should not be a major issue, others are more concerned. David Hollingworth from L&C Mortgages said: "It's something that might prompt questions if lenders see it on someone's bank statements." Nicholas Mendes at John Charcol echoed this view: "If an outgoings are quite high, they're likely to prompt questions - but you can cancel them at any time."
In short, the next time you consider splurging on a weight loss pill, be aware that your mortgage dreams might suffer as a result. Will you opt for a healthier lifestyle or reconsider your spending habits? Only time will tell, but one thing's for certain: lenders are taking notice of this unexpected trend.
For many struggling with weight, the prospect of losing a few pounds can seem like a godsend. But experts warn that spending thousands on weight loss pills could have an unexpected side effect: it could reduce the amount you can borrow for your dream home.
The issue comes to light in mortgage assessments, where lenders scrutinise applicants' income and outgoings. Subscriptions, memberships, and regular payments such as weight loss pill prescriptions are all taken into account. And if these monthly expenditures add up - say, £200 to £300 per month - it could knock a whopping 20 grand off the maximum loan offered on a modest salary.
The UK's weight loss epidemic is on the rise, with over 1.6 million adults now using privately prescribed jabs to shed pounds, at an estimated cost of £100 to £350 per month. While some mortgage brokers say these payments should be viewed as "discretionary" spending that could be cancelled at any time, others are more cautious. Jamie Alexander from Alexander Southwell Mortgages warned: "If regular weight loss jab payments show up on someone's bank statements, lenders will treat them like any other committed bill - it's not just a matter of cancelling if you want to."
Experts warn that those struggling with weight may need to cut back on non-essential spending in the months leading up to applying for a mortgage. But with many banks no longer scrutinising applicants' bank statements, this might be easier said than done. Aaron Strutt at Trinity Financial noted: "If an applicant is spending several hundred pounds a month on weight loss pills, lenders are probably going to want to know about it."
The impact of these monthly outgoings could be substantial - reducing the maximum loan offered by tens of thousands of pounds. And while some experts say this should not be a major issue, others are more concerned. David Hollingworth from L&C Mortgages said: "It's something that might prompt questions if lenders see it on someone's bank statements." Nicholas Mendes at John Charcol echoed this view: "If an outgoings are quite high, they're likely to prompt questions - but you can cancel them at any time."
In short, the next time you consider splurging on a weight loss pill, be aware that your mortgage dreams might suffer as a result. Will you opt for a healthier lifestyle or reconsider your spending habits? Only time will tell, but one thing's for certain: lenders are taking notice of this unexpected trend.
I mean, think about it... those weight loss pills can add up quick! £200 to £300 per month is no joke. If you're already struggling to make ends meet, that's just more cash going out the window. And if you're trying to save for a mortgage, you don't want to be cutting into your own potential. 
I get it, losing weight can be super tempting, but maybe try some free alternatives like walking or yoga instead? Or cut back on other stuff you don't really need. It's all about prioritizing what's important... like saving for a house! 
. I mean, what's the real deal here? Are they even safe? And if you're already struggling to make ends meet, throwing another £200-£300 a month at it just seems like another financial burden 
. I mean, what's next? Are they going to tell us we can't afford our cars because of our monthly coffee habit 
️? It just seems like a bunch of unnecessary stress and financial pressure to me. Can't we just focus on healthy living without the extra strings attached? 
It makes sense when you think about it, though. Lenders do look at all sorts of expenses on your bank statement, so if you're spending £200-£300 a month on weight loss pills, that could definitely knock off some serious cash from the amount you can borrow.
. It's all about being mindful of your spending and making sure you're not hurting your chances with the bank 
. I think it's time to rethink our priorities - a healthier lifestyle is great, but so are our mortgage dreams 
.
! And now experts are saying that if you're paying for them on your bank statement, it might affect how much mortgage you can get? No thanks 
. I'd rather be responsible and cut back on non-essential spending than shell out thousands of pounds for some magic pill 
.
. Get some exercise, eat well, and get enough sleep - that's the ticket! 
. People need to be more mindful of what they're spending on those fancy supplements and save that money instead 
What if they implemented some sort of 'discretionary spending' exception for health-related expenses? That would be a game-changer 
.
We need to find a balance between getting our lives together and living within our means 
. He ended up not getting approved because the lender thought it was a commitment 
so they can cut back on non-essential spending when applying for a mortgage 
. It's all about being responsible and planning ahead 
.
lol but seriously experts say dont overspend cuz lenders might ask about it and reduce the loan amount 
But seriously, £200-£300 a month on weight loss pills is a pretty steep price to pay just to get that perfect body for the mortgage application form. And what about all the other expenses you have to cut back on... groceries, rent, Netflix? It's like, how are people supposed to survive? 
. And if ur gonna spend that much cash, at least be prepared for the consequences! 
Those monthly subs could easily knock off a £20k loan on a modest salary! 
That's huge!
And then the bank is gonna use that against you when you wanna buy a house? It's just not fair, man. I feel bad for people struggling with their finances and trying to get back on track. They shouldn't have to worry about this too 
.
.