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Mortgage lenders turning down thousands per month
Tue, 17 Apr 2007
Mortgage lenders are turning down 77,000 mortgage applications every month, according to the findings of a new study from a financing website .

MoneyExpert sought to discover the outcomes of mortgage applications from 2,291 Britons and it has now revealed that 460,000 mortgage applicants had their request denied over the past six months.

During this time, the Bank of England has raised the base rate by a quarter of a percentage point on three separate occasions to 5.25 per cent, meaning repayments on a £100,000 variable-rate mortgage have increased by approximately £750.

And Sean Gardner, chief executive of the financing website, claimed that the scale of the figures highlights the difficulties facing homeowners from all sectors of society.

"Affordability is the major issues in the mortgage market," he said.

"The fact that around 77,000 mortgage applications are being rejected a month means it is likely that it is not only first-timers who are being hit."

Recently, the Royal Institution of Chartered Surveyors conducted a poll of surveyors to identify the current state of the mortgage market .

Some 25.5 per cent more respondents saw a rise instead of a fall in the average property price last month.

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