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PPI Claim: Homeowners 'cannot afford to move'

Payment protection refunds may provide the added boost to savings that next-time buyers who have been declined a mortgage may need to find a deal.

Nearly three-quarters of mortgage brokers said they were unable to provide a deal for at least one of their clients during the last few months, according to new research from the Intermediary Mortgage Lenders Association (IMLA).

Of the people who failed to find a mortgage, 31 per cent were individuals looking to buy their second house and many of them ended up moving into rented accommodation.

The study found that 14 per cent of mortgage intermediaries believed that financial conditions had led to a tougher housing industry.

"Our research highlights the continued tough conditions in the market when even they are struggling to secure finance for some customers," said the IMLA's executive director Peter Williams.

In the first half of 2011 banks and credit providers refunded £215 million, according to Financial Services Authority figures.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-800773385-ADNFCR

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