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.”
Self-employed borrowers are finding it difficult to get mortgages, according to...
The Nottingham has unveiled loan-to-value (LTV) limited company buy-to-let (BTL) fixed-rate...
The Nottingham has rolled out a new five-year fixed product as...
Newbury Building Society has introduced a GoGreen Reward incentive to its...
Landlords with standard buy-to-let properties will lose money when interest rates...
NatWest Intermediary Solutions is cutting rates on a number of its...
As many as four million 18-39 year olds are actively trying...
The National Association of Commercial Finance Brokers (NACFB) is holding an...
Buying and moving into a new house is a stressful business...
The Treasury has recently proposed that a new type of Isa...
Lenders must say what they mean and mean what they say!...
The Bank of England has signalled that more than one interest...
An analysis of government house price data by business consultancy Hargreaves...
Recent economic data was reassuringly predictable. We learned that core inflation fell...
Shared ownership has failed to deliver an affordable route to home...
There’s been a huge rise in the number of buy to...
Homes Under The Hammer property expert Lucy Alexander is fronting a...
Who are you? I’m the Director of Sales for both...
Who are you? Edward Trustworth, 23 What does it say on...
This week, SearchFlow launches it new brand. Group Marketing...
Join the conversation
Be the first to comment (please use the comment box below)
Please login to comment