DanAronG
Joined: 17 Oct 2008
Posts: 103
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| Posted: Wed Apr 29, 2009 2:51 pm Post subject: Mortgage rejections up |
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So far in 2009, the proportion of mortgage applications declined by lenders has risen to 8.8%, which is nearly 4 times the figure for 2007. This is despite many of the qualifying against lender criteria.
This demonstrates the tightening of lender criteria over the past year with many cases failing due to credit score which perhaps may have been successful a couple of years ago.
Anyone requiring a mortgage should make sure they are 100% honest with their mortgage broker as credit searches will find many issues whether or not previously mentioned, and if the mortgage broker knows the whole picture, they can ensure you are directed to the appropriate lender for your circumstances. |
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