Rejected mortgage applications rose 60% in the last six months as a result of strict lending criteria since the beginning of the credit crunch, according to MoneyExpert.com.
The research claims younger mortgage applicants, aged between 25 and 34, are the worst affected by tightening lending criteria. In the six months to October, a total of 738,000 mortgage applications were refused, considerably higher than the six months to March 2007, which saw just 463,000 applications rejected. MoneyExpert.com says recent interest rate rises and tough lending criteria, partly due to the US sub-prime crisis, are the main reasons for the huge increase in rejected applications. Sean Gardner, chief executive of MoneyExpert.com, says the market climate is affecting the borro...
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