Wednesday, September 1, 2010
Excuse of the month – computer says no
The housing market is being held back due to lendersâ€™ reliance on automated systems, Aldermore research shows. In a survey of 200 mortgage brokers were asked what percentage of mortgage enquiries had been declined over the past six months because their clients did not achieve a sufficiently high credit score. A massive 88% of brokers confirmed clients were regularly declined by lendersâ€™ automated credit scoring systems.