16 Oct

Mortgage application rejections up 60%

Mortgage application rejections up 60%

The number of rejected mortgage applications has risen exponentially in the last six months, new research has revealed.

Over 738,000 mortgage applications have been turned down in the last six months from March, compared with 463,000 in the six months previous, according to a study from personal finance website MoneyExpert.

This represents a rise of 60 per cent.

The rise can be attributed to mortgage providers opting to tighten lending conditions in the face of the ongoing global credit crunch and rising interest rates, Sean Gardner, chief executive of MoneyExpert claims.

"Life is tough at the moment if you're applying for a mortgage. The financial environment is far more stringent than in the summer of last year and people need to be prepared for rejection," he said.

The research showed that those worst hit by mortgage rejections are 25-34 year olds, WHO accounted for around four per cent of those affected.

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