Wednesday, April 15, 2009
Massive increase in mortgage application rejections
Nearly 9pc of vetted mortgage applications are being rejected this year compared to just 2.3pc in 2007, according to moneysupermarket.com. The website said that all the applications were qualified against the lender's criteria prior to submission and on paper appeared to fit. However, lenders still found reasons to reject them. Louise Cuming, head of mortgages at moneysupermarket.com, said: "Lending criteria has become too strict – even vetted applications that we would expect to be accepted without a hitch are being rejected."