View more on these topics

Mortgage rejections increase fourfold in two years

Mortgage declines have increased by nearly 400 per cent in the past two years, according to

The website says in 2007 roughly 2.3 per cent of vetted mortgage applications were rejected but now 8.8 per cent are turned down.

It says alll the applications were qualified against the lender’s criteria prior to submission and on paper appeared to fit, but lenders still found reasons to reject them. head of mortgages Louise Cuming says: “Lending criteria has become too strict – even vetted applications that we would expect to be accepted without a hitch are being rejected.

“Credit histories play an important part in the process and any blemishes will make finding a mortgage increasingly difficult because assessing affordability is key for lenders and everyone has to be much more realistic about what they can borrow.”


Action and reaction

Over the last month there has been significant disruption to plans and it has been interesting to see the reaction and outcomes to them.

Unfinished business?

Pension specialist Fiona Tait gives an update on three big announcements from the 2016 Budget – Pensions Advice Allowance (PAA), the Lifetime ISA (LISA) and the pension dashboard. £500 Pensions Advice Allowance What’s new Under current rules it is possible to deduct an adviser charge from a defined contribution pension fund to pay for financial […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment