Oct 17 2007
1 in 3 homebuyers have mortage application rejected
MoneyExpert believes that 1 in 3 applications have been rejected - or an estimated 372,000 of the 1.2 million people applying for a mortgage or re-mortgage in the past six months have been rejected. This is up from the 1 in 5 in the six months to March 2007.
This is the bread and butter of the housing market and suggests that moving house is going to be more difficult, that getting onto the housing market will be more difficult and taking equity out of houses will be much more expensive (actually the last is not a product of the argument, but let’s assume this is true.)
At the same time people with credit cards are finding unsecured loans more difficult to come by.
All grist to the mill for those who expect to see the housing market slump.
