Tough mortgage market
LARGE numbers of potential first-time buyers are being turned down for mortgages, a survey conducted by the Professional Insurance Brokers Association (PIBA) has found.
The survey found the reasons given by lenders for refusing mortgages were: an insufficient credit history or lack of bank statements; applicants not qualifying for the amount requested; a lack of savings; and a lack of job security. PIBA's Rachel Doyle advised anyone trying to get on to the property ladder to ensure that they were "well informed on up-to-date practices" before approaching lending institutions.
Ms Doyle said mortgage brokers expected lenders to apply prudent lending practices, but she claimed the reality was that they were applying excessively cautious criteria.