A new report showed that more than 400,000 people were turned down for mortgages so far this year, an incredible jump from the year before. Many of these applications were for refinance mortgages, and this has left many in need of mortgage advice. This type of mortgage advice is becoming absolutely necessary as lenders raise rates, stop offering many types of loans and make the restrictions for getting an approval even higher. Experts are encouraging consumers to seek out mortgage advice, which is being offered free from the FSA before they get into deeper trouble. It can take months for a refinance to go through if you are approved, so by seeking mortgage advice now, consumers should be able to hold off the worst.Sean Gardner of the finance site said: “Lenders are not passing on recent base rate cuts from the Bank of England. Even those that have brought rates down are increasingly only offering those deals to people who can afford large deposits - often as high as 25 per cent of the value of the property. With the number of mortgages available dropping so sharply it’s even more important for borrowers to take advice and shop around for the best rate.”
Related reading: Mortgages Advice
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