Up to 75% of mortgage applications denied

THE latest survey by the Professional Insurance Brokers Association has found that more than 40% of brokers reported that between two thirds and three quarters of mortgage applications were declined by lenders in the first three months of 2011.

In the last survey carried out six months ago, 55% of brokers found a similarly high level of rejections.

PIBA said the slight improvement gave “no cause for optimism”.