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Perseverance needed when applying for a mortgage
22 August 2008
People will have to be prepared for multiple applications when attempting to secure a mortgage, a new survey has found.
Research by GE Money Home Lending revealed that up to 450,000 mortgage and loan customers have had to apply four or more times to be accepted when trying to arrange the best mortgage deals.
Gerry Bell, head of mortgage marketing at GE Money Home Lending, said: "Multiple failed applications can be time consuming and, of course, can be detrimental to a borrower."
According to Mr Bell, people should get advice on their current financial status before applying for the best mortgage deals.
"The key to successfully navigating through the current storm is to ensure you do your homework, check you credit file looks as good as it can and potentially seek expert advice from a broker before making an application," he added.
More than 412,000 could not get a mortgage or loan despite repeated attempts, claims GE Money Home Lending.
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