A spokesperson for the organisation said the sub-prime mortgage market collapse in America was inevitably having an effect in Britain, especially in the light of the recent liquidity crisis, as lenders tighten their borrowing criteria.
Find a new mortgage deal
She said: “There is no doubt that the less well-off will find it harder to get mortgages.”
In contrast, the spokesperson continued, there was unlikely to be any change to the situation of doorstep lenders, which rely on a different system.
Research published this week by consumer website Moneyexpert.com said that there had been a 60 per cent increase in the number of mortgage applications being rejected in the last six months.
Find a best-buy mortgage
The six months since March have seen 738,000 rejections, compared with £463,000 in the previous half-year.
© Adfero Ltd
Loading ...