Friday, Aug 22, 2008
Mortgages are harder to obtain - July's mortgage lending is lowest since 2002
Telegraph: Borrowers must apply 'four times' to get mortgage, survey says
NEARLY HALF A MILLION mortgage or loan customers are having to apply more than four times in order to successfully secure credit, a survey shows today. Just over 400,000 people could not get a mortgage or loan despite repeated attempts, according to GE Money Home Lending. The findings follow hard on warnings from the Bank of England and the Council of Mortgage Lenders that homeowners may find it even more difficult to get a mortgage in the coming months. The survey said that with lenders tightening their lending criteria in the face of the credit crunch, previously creditworthy people are being classed as a higher credit risk.
Posted by drewster @ 12:29 AM (186 views) Add Comment
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