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Lenders reject one in seven remortgages

Lenders rejected one in seven homeowners who tried to remortgage in the past two years.

One in four of those who could not remortgage saw their monthly payments rise as a result.

Affordability rules and credit record issues were the main reasons for being turned down, according to research from Nottingham Building Society.

Its study found that missing out on a deal with an existing or new lender meant higher monthly costs for 26%, with 8% seeing a substantial rise in payments.

One in four said they were turned down either because they did not fit new affordability rules or because their credit record had deteriorated.

And 11% say they were turned down for being too old.

Ian Gibbons, senior mortgage broking manager for Nottingham Mortgage Services (NMS), said: “With rates remaining low it is potentially a good time to remortgage to a new deal but unfortunately it is not always that simple.”

He said homeowners need to think carefully and research the market. “People’s circumstances change and seeking help from a broker to get an independent view on the best deal available to a customer is a very sensible approach.” 

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