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Rejected mortgages up almost 400% since 2007

The number of mortgage applications rejected by lenders has increased almost fourfold over the last two years, figures from reveal.

Vetted mortgage applications that have been rejected by lenders so far this year hit 8.8%, almost four times the 2.3% of applications turned down in 2007.

All applications had been qualified against lender criteria prior to submission.

Louise Cuming, head of mortgages at, says: “Lending criteria has become too strict – even vetted applications that we would expect to be accepted without a hitch are being rejected.

“Assessing affordability is key for lenders and everyone has to be much more realistic about what they can borrow.

“The most anyone can reasonably hope for is four times their salary – anything over this is more likely to be rejected.”


Debt firm adding 70 introducers per week

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Workshops to boost brokers’ sales skills

The Association of Mortgage Intermediaries is running a series of workshops in conjunction with LV= to help brokers develop sales skills. The first one will be held in Edinburgh on April 27.

Multiple reform plans may cause confusion

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