A total of 1.57 million mortgage applications have been rejected in the last five years and the capital was worst hit, with 450,000 submissions turned down.
Research from Castle Trust has revealed that of those rejected applications, 60 per cent were from first time buyers, 22 per cent were looking to move home and 11 per cent sought re-mortgages.
The average value of the rejected loan was £144,600.
The North West followed London in the number of refused mortgage requests with 29 per cent or 450,000 rejected.
Seven out of 10 (71 per cent) of Independent Financial Advisers believe that because banks now have to hold more in capital reserves, the amount banks will be willing to lend will be lower than historical levels.
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