The comparison site has warned that brokers need to 'check and double check' applications to make sure they are impeccably presented with all necessary supporting information attached.
Moneynet.co.uk chief executive, Richard Brown, said: “Welcome to the new lending universe – the rules have changed. With mortgage lenders swamped by demand and under increasing pressure to clear the backlog, incomplete or inaccurate applications are likely to rejected out of hand."
He added that borrowers will have to "think like brokers" as competition to secure funding grows.
“With a predicted 30 per cent shortfall in available mortgage funds, borrowers need to understand that they are now in competition with others.
"They need to be aware that mortgage finance is likely to be in short supply for a time, meaning that the lenders can now pick and choose who they lend to.
"To succeed in this market, borrowers should be making it easy for the underwriter to say yes rather than no."
Among the most vulnerable borrowers are those who have irregular incomes, are in short term contract arrangements, or have any history of adverse credit.
