Monday, Oct 15, 2007
738,000 mortgage applications rejected in the past 6 months
Firstrung: Rejected mortgage applications increase by 60 per cent in last six months
Tighter lending conditions have seen rejected mortgage applications increase by 60 per cent. In the past six months, MoneyExpert.com figures showed that the number of rejected applications has risen from 463,000 to a shocking 738,000. The research showed that of the 738,000 people who had mortgage applications rejected in the six months to the beginning of October, applicants aged between 25 and 34 were worst affected. Around four per cent of people in this age bracket have had an application turned down - around 382,000 young mortgage applicants.
Posted by converted lurker @ 01:03 PM (1058 views) Add Comment
10 Comments
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1. dohousescrashinthewoods said...
No shortage of supply. Sudden shortage of demand (previously overstimulated by cheap credit and lax lending)
I have lost count of those here who have explained this simple fact.
However much the BNP want to point at "coloured people" as the source of your housing woes, do not be deceived. It is the "white people" in Whitehall and at the Bank of England (Fast Eddie) who did it to you. It is a cruel misdirection to blame innocents for your own crimes.
2. inbreda said...
I agree entirely with you dhcitw - but would like to point out one fact that you have overlooked.... racist people are ignorant. Talking sense to them is akin to relieving yourself in the direction from which the wind is blowing.
3. planning4acrash said...
I would assume that many of these are re-mortgaging at the end of a 2yr fixed rate and are now languishing in the limbo of 8-10% standard variable rates.
4. mrmickey said...
Hang on dhcitw blaming "white people" in Whitehall is racist me old son. Blaming politicians in Whitehall is ok calling them tossers is ok calling them white tossers is not. And anyway what has this news article got to do with racism.
5. sovietuk said...
A 60% increase in mortgage rejections is significant. Muppet heads who can't afford mortgages in the first place are more likely to go for things that they can't afford and pay silly asking prices.
6. Gumbo said...
MrMickey I couldn't agree more, exactly what does this article have to do with the BNP and racism. Secondly Soviet, you can't blame innnocent first time buyers for being encouraged to borrow well beyond their earning multiples.....try pointing the finger at the banks who actively encourage this type of lending, with the added fear of so called experts telling them "If you dont buy now, you will never get on the ladder."
The last time I asked about a mortgage the response wasn't, "How much do you earn." it was simply "How much do you need!!!"
Oh and don't forget the EA's in all this, ramping up prices for their own gains...their time is coming...pass the rotten fruit please.
7. converted lurker said...
I reckon planning 4 is spot on, there will be many mortgagees in limbo land over the next few months. I've lost count of the folk I know who are the "just 'put' it on the mortgage" brigade.
8. mrmickey said...
Lets face it once the ballon finally does go up and the economy goes in to meltdown everyone will have such a rubbish credit rating or their employment prospects will be so tenuos that only about 10% of the working population will qualify for a mortgage. Is this the start of it of things to come.
9. inbreda said...
mr mickey - that would be the time to buy. That is when being prudent will really pay off. Because there will be no competition for the houses, but still the same demand for places to live.
10. doomwatch said...
Blame Beeney and her ilk for popularising property porn.