Research from GE Money Home Lending has shown that up to 3.4 million consumers have had their remortgage, first time mortgage or loan applications turned down in the last 18 months, reports Mortgage Strategy.

It is believed this is a direct result of the credit crunch. Some 450,000 people seeking to remortgage or buy for the first time applied up to four times before getting the loan they needed.

Those seeking the best remortgage should look to experienced and well-established lenders to meet their need. Gerry Bell of GE Money Home Lending said:

“There are a number of dedicated specialist lenders with strong pedigree who may be able to help meet borrowers needs.”

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