More Britons being turned down for mortgages Published: 21/08/2008

As many as 3.4 million prospective borrowers have been turned down at least once for a mortgage or loan in the past year and a half, according to new research.

A study by GE Money Home Lending found that one in eight consumers trying to buy property had to apply at least four times before they were accepted for a mortgage or loan.

A further 412,000 were not able to get a mortgage or loan at all, despite attempting to several times.

With so many people finding it important to navigate the mortgage market, the need for a mortgage intermediary has never been so important, according to GE Money.

Lenders' choice to tighten their criteria has meant that thousands of people who were previously creditworthy are now being turned down for loans.

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

"With criteria changing regularly and the risk of decline increasing all the time, it is even more important that borrowers looking to obtain a mortgage use reputable mortgage professionals with broad experience, knowledge and systems at their disposal which will increase the chances of the borrower getting t deal they need."

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