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Housebuilder LPC Living has warned off would-be housebuyers from relying on a ‘debt map’ launched this week when considering their eligibility for a mortgage.

Payplan, one of the UKs largest debt management companies, launched the interactive service earlier this week. The report, based on 40,000 inquiries, shows the number of people to seek debt advise within a particular post code area as well as the average debt per person and the total number of debt management plans arranged.

The company hopes the map would show those in financial difficulties weren’t alone. However, some have suggested the service could prove useful for anyone looking to assess their eligibility for taking out a mortgage.

Scott Neal, marketing manager of the Pervaiz Naviede Family Trust-owned developer, said “While it may be tempting to use this tool to see how your financial situation compares with the rest of your neighbourhood, the service is of virtually no use to anyone looking to remortgage or take out their first home loan.

“Everyone’s financial situation is unique; that’s why mortgage lenders will look at a number of factors including an applicant’s financial history and credit score, current spending and future outgoings when determining their suitability for a mortgage.

“We would strongly encourage looking to buy a property to visit their own bank and/or a reputable Independent Financial Advisor (IFA) to secure the best possible advice.”