One in eight of them had to apply four or more times before they were accepted for a mortgage or loan but more than 412,000 could not get a mortgage or loan despite repeated attempts and 30% actually gave up trying. Because of this, the mortgage intermediary market has never been as important to consumers, according to the company.
Gerry Bell, head of mortgage marketing at, GE Money Home Lending, said: "Multiple failed applications can be time consuming and, of course, can be detrimental to a borrower. With criteria changing regularly and the risk of decline increasing all the time, it is even more important that borrowers looking to obtain a mortgage use reputable mortgage professionals with broad experience, knowledge and systems at their disposal which will increase the chances of the borrower getting the deal they need."
