‘Multiple applications’ needed for mortgages and loans
Over 450,000 people have had to apply four or more times to secure a best buy loan or best buy mortgage, according to new research.
A study conducted by GE Money Home Lending indicates that in the past 18 months 3.4 million borrowers have been declined at least once during a mortgage or loan application.
Equally, one in eight borrowers had to apply four or more times for financial solutions, such as personal loans and flexible lifestyle mortgages, and 412,000 people were completely unable to secure approval.
Gerry Bell, GE head of mortgage marketing, said that “multiple failed applications can be time consuming and, of course, can be detrimental to a borrower”.
“The key to successfully navigating through the current storm is to ensure you do your homework, check your credit file looks as good as it can and potentially seek expert advice from a broker before making an application,” he added.
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