August 26, 2008
UK mortgage refusals rise to over 400,000
GE Money Home Lending reported that over 410,000 UK mortgage applicants have been refused a mortgage over the last 18 months. The firm also revealed that around 480,000 people had to apply an average of four times before they were able to secure a mortgage or loan.
A spokesperson for GE Money Home Lending stated that consumers should be aware that multiple applications will be recorded against credit records and may prove to be counter-productive.
The firm recommended that applicants do not waste their time by applying to various lenders. They should conduct research to find out which of the reputable lenders are most likely to grant them a mortgage. Anyone who is unsure of how to navigate the mortgage market should seek expert advice.
The use of comparison websites such as Save On Bills will help consumers to find the best mortgage deals.