Lenders rejecting 80% of mortgage applications
The main reasons clients were refused mortgages was because 35% of applicants had no savings, 32% did not qualify for the amount required, there were fears over job security for 29% while another 29% had a bad credit history.
The Professional Insurance Brokers Association (PIBA) survey found more than three-quarters (77%) of brokers also believe the credit freeze is worse or much worse than last year, with less than a fifth feeling there has been no change.
