Expert: Banks refusing at least 50% of mortgage applications

A leading mortgage expert has said that "at least half" of mortgage applications are being refused by banks and has appealed to the financial institutions to use "some leniency" when considering applicants.

Following the publication of the IBF/PWC mortgage market review this week the Trusted Advisor Group said that while the review gave a clear picture of activity it failed to highlight the major problems that would-be homeowners are facing in the mortgage market at the moment.