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16
OCT
2007

Mortgage application rejections rise

New research has found that more than 738,000 applicants have been turned down by mortgage firms in the last six months.

In the six months from March the figures have shown that 738,000 mortgages were rejected, compared to 463,000 in the previous six months.

The research also states that those aged 25 to 34 were worst affected, about 382,000 had an application rejected.

The financial environment is far more rigorous compared to this time last year and people need to be prepared for possible rejection.

The problem is not only connected with first time buyers, more people who are looking to remortgage are also finding that they are also being refused. In recent months this has been as a result of the bad debt crisis that has affected sub-prime mortgage markets in the USA.

Put quite simply lenders do not want to take risks when there are pressures on how much people can afford, so it’s up to the applicant to convince the potential lender that they can afford the ongoing repayments on their mortgage.

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