Consumer website Moneynet.co.uk is warning borrowers that applications submitted with insufficient supporting information or poor credit history are likely to be rejected out of hand.
The comparison site today advises would-be borrowers that they will need to double check their applications if they are to stand a chance of getting a mortgage at competitive rates even if they have had no difficulties in the past.
Richard Brown, chief executive Moneynet.co.uk, says: With a predicted 30% shortfall in available mortgage funds borrowers need to understand that they are now in competition with others. The successful applicants will be those who make the best job of selling themselves to the lender.
Borrowers will have learn how to present their cases to the lenders, and it will no longer be good enough to submit an application with half the information missing.
Moneynet.co.uk says mortgage borrowers looking to switch existing loans or those new to the market will now have to wise up and think like brokers in order to be in with a fighting chance of a loan.
The website has published 10 tips to help borrowers adapt to the new credit environment. Suggestions encourage consumers to consult a broker and also to be realistic about the rates they are likely to receive.