Three in ten homeowners would rather pay more interest than risk being rejected by another mortgage lender, according to research from Cheltenham & Gloucester.
The research also found 15% did not know what criteria lenders use to decide if a potential borrower is eligible for a mortgage. C&G surveyed homeowners due to remortgage within the next year, and found many will not shop around for deals for fear of being rejected. Overall, 37% said they would not approach a lender because of worries they would be turned down. Also, 30% of remortgagers say they will knowingly pay a higher standard variable rate (SVR) because they do not want to be refused by another lender. A perceived scarcity of good deals was a major factor deterring people from secu...
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