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Analysis of 11,000 searches made by people looking for a mortgage shows only 3.5 per cent of potential borrowers are eligible for every mortgage deal on the market when they apply on a comparison website. 

According to research by the consumer credit company Experian, almost one in five – 22 per cent – of prospective borrowers meet the initial qualifying criteria for every lender on the market. However, once their income and expenditure is assessed, and their required loan considered, this figure drops to 3.5 per cent.

Further data shows that lenders decline 33 per cent of customers on average because they do not meet the lender’s full lending criteria.

Aaron Strutt, product director at Trinity Financial, says: “According to Experian’s research the lenders decline 33 per cent of customers on average. It is highly likely many of these borrowers would qualify for a mortgage with one of the other providers.

“The lenders have eased their acceptance criteria over the last few years, and they are very keen to provide mortgages now. Banks and building societies offer income stretch mortgages, larger loans and even mild adverse credit deals.”

Experian’s data also highlights 27 per cent of potential borrowers are eligible for a mortgage with at least one lender but are unable to borrower their desired amount. This figure rises to 31 per cent for those looking to remortgage with additional borrowing requirements, typically used to fund home improvements or to pay off debt.

Call Trinity Financial on 020 7016 090 if you have been declined for a mortgage

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