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Fourth time lucky for mortgage customers

Fourth time lucky for mortgage customers

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Hundreds of thousands of people have had to apply for a mortgage as many as four times in order to get accepted, new figures have revealed.

A study by GM Money Home Lending has found that 450,000 applicants had to make four or more attempts to get accepted for a home loan.

This amounted to one in eight of the 3.4 million that have been refused a mortgage in the last 18 months.

In addition to this, the survey found that 412,000 have not been able to get a mortgage despite multiple attempts.

GE Money said this showed the need for applicants to get the best advice and help available when looking for a mortgage.

Yesterday, figures from the Council of Mortgage Lenders for July showed a five per cent rise in gross mortgage lending compared to June, totalling £24.8 billion.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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