More than three million borrowers have been turned down when they applied for a mortgage loan, in the past 18 months; with around 458,000 applicants having to apply up to four times, before they were successful in their applications, in the same period, new research, released by the lender, GE Money Home Lending.

This comes after lenders placed more stringent restrictions on their selection process, meaning that people who were once considered creditworthy are now seen as unsuitable candidates for a loan. Around 3.4 million people applying for financial products such as mortgage loans and unsecured loans have been turned down, since the beginning of 2007.

Thirteen per cent of these applicants were successful only after their fourth application, while 30,000 had to apply eight times before they found success.

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. With criteria changing regularly and the risk of decline increasing all the time, it is even more important that borrowers looking to obtain a mortgage use reputable mortgage professionals with broad experience, knowledge and systems at their disposal which will increase the chances of the borrower getting the deal they need.

“The focus in the mortgage market is now on availability more than anything else, with financially strong and experienced lenders the most likely to offer credit. In addition there are a number of dedicated specialist lenders with strong pedigree who may be able to help meet borrowers’ needs.”