Failed mortgage applications pile up


Fri 22nd Aug, 14:00:04 BST

Borrowers applying for a mortgage are increasingly likely to be turned down, according to new research.

A study by GE Money found that 3.4 million borrowers applying for mortgages or loans were turned down in the past 18 months.

Nearly half a million people failed to obtain a mortgage or loan despite repeated attempts and one in eight applied four times or more before being accepted.

Gerry Bell, head of mortgage marketing at GE Money Home Lending, said: "Multiple failed applications can be time consuming and, of course, can be detrimental to a borrower."

"The key to successfully navigating through the current storm is to ensure you do your homework," he added.

According to the Mail on Sunday, the next few months will be even more difficult for people attempting to get on the first rung of the property ladder.

Fewer lenders are extending credit, there are less mortgage products available and higher prices are pushing customers out of the market, according to Datamonitor.

Carry out a property search.ADNFCR-1143-ID-18745768-ADNFCR


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