Over 3m turned down for mortgages
Over three million UK borrowers have been turned down for at least one mortgage or loan in the last 18 months, according to latest research.
A survey by GE Money Home Lending revealed that people who had previously managed to get credit are now finding it more difficult to secure a deal, meaning that more people are choosing to rent property.
Figures show that more than 458,000 potential mortgage and loan customers had to apply at least four times before securing credit during the past year and a half.
"Multiple failed applications can be time consuming and, of course, can be detrimental to a borrower," explained Gerry Bell, head of mortgage marketing, GE Money Home Lending.
He went on to say that with criteria constantly changing and the risk of decline increasing, more people are finding it hard to get on the property ladder.
The research showed that 13 per cent of potential borrowers made four or more applications, with 30,000 making eight applications.
Around 30 per cent of rejected borrowers said that they gave up looking and are sticking to renting.
Published 21st August, 2008
© 2008 Estates IT Limited
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Over three million UK borrowers have been turned down for at least one mortgage or loan in the last 18 months, according to latest research.