It says around 3.4 million direct mortgage and loan applicants were turned down at least once in the last 18 months and 458,000 had to apply at least four times before successfully securing a loan.
A further 412,000 could not get a mortgage or loan despite repeated attempts.
Head of mortgage marketing Gerry Bell says: “”The key to successfully navigating through the current storm is to ensure you do you homework, check your credit file looks as good as it can and potentially seek expert advice from a broker before making an application.
“Consumers should try as far as possible to only apply to lenders where there is a good chance their appli- cation will be accepted and reputable, professional adv- isers are well placed to try to help to achieve this.”
Multiple failed applications can be time-consuming and can be detrimental to a borrower as these are logged on credit records and could count against a borrower the next time they apply.
The Mortgage Practitioner sole trader Danny Lovey says: “If these borrowers had gone to a decent broker, they would not have been turned down. It just shows that when people do things off their own bat, you do not know what is going to happen with an application.”