Press Release Summary: A new study has revealed that approximately 450,000 borrowers have filed their application for loans and mortgages even before they are accepted.
Press Release Body: London (Ask4loan) August 22, 2008: An eminent study conducted by GE Money Home Lending has recently revealed that close to 450,000 loans and mortgages\' borrowers have filed applications much before they were granted.
This study revealed that number of the loans & mortgages consumers are opting for a number of varied providers to ascertain the finances they need before they are offered any credit. Gary Bell, head of mortgage marketing at GE Money Home Lending, remarked that the focus in the UK mortgage market is more focused on availability than anything else. The presence of financially string and dedicated specialist lenders with strong pedigree have been benefiting the loan and mortgage industry.
He also added that the borrowers opting for a loan or mortgage must apply only where they feel that they have a good success chance. As per Bell, close to 450,000 people had to file an application four times or more when they were looking to borrow money through a mortgage.
The study also revealed that some 3.4 million people\'s secured/unsecured personal loans and mortgage applications have been rejected in the past 18 months, credit crunch being the major reason.
But, things have started to change for the better with the industry showing some visible signs of prosperity.
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2012
