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16/04/2009 13:27:53

Mortgage applicants 'need to be realistic'

Those looking to apply for a mortgage need to ensure that their credit history is in as good a condition as possible.

Such is the assertion of Louise Cuming, head of mortgages for moneysupermarket.com, who points out that as lending criteria has become particularly strict over recent months, any blemishes on a report - such as missed credit card repayments - will make successfully obtaining a mortgage prove to be a very difficult process.

"Assessing affordability is key for lenders and everyone has to be much more realistic about what they can borrow," states Louise Cuming, head of mortgages for moneysupermarket.com.

She adds that the maximum mortgage people can realistically hope to expect for is a product worth four times their salary.

Her comments come after it was revealed 8.8 per cent of vetted mortgage applications have so far been rejected in 2009, an increase from the 2.3 per cent recorded in 2007.

Meanwhile, figures from the Council of Mortgage Lenders revealed that approved house purchase loans rose by four per cent over the course of February to stand at 24,300.

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