Tuesday, October 20, 2009
The exclusive research for The Daily Telegraph revealed how banks are restricting mortgage deals and holding onto Government cash to improve their balance sheets instead. The survey by credit checking agency Equifax revealed that 46 per cent of home buyers had their first mortgage application refused, compared to 23 per cent last year. The survey also revealed further evidence that lenders are cherry-picking the best borrowers with 18 per cent of home buyers unable to get on the property ladder because they do not have a large enough deposit. It compares with 10 per cent a year ago.