The number of advisers reporting refused sub-prime mortgage applications has almost doubled in less than two months, according to the Mortgage Business Expo.
Research conducted for the Expo at the beginning of September, found 36% of advisers had seen a sub-prime case refused in the previous four weeks. A more recent survey shows that has jumped to 70%. The September survey also found no adviser had seen more than 50% of sub-prime cases rejected, while in October, 26% of brokers saw more than half their cases turned down. The Expo says this is evidence of tightening criteria and poor market conditions, which are affecting brokers’ business. The research also found 80% of advisers citing ‘changes in lending criteria’ as the biggest issue a...
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