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Bank claims: Mortgages 'are harder to get'

People struggling to cope with loan charges and other debts may find it is very difficult to receive a mortgage.

Firstrung chief executive Paul Holmes noted brokers are looking at the payment profiles of their clients in "far more detail" than they used to.

The professionals are examining the job security of mortgage applicants, the length of their employment, how much debt they have and their overall financial situation, he explained.

In the past, brokers would be able to process a loan claim "within minutes", the specialist noted.

Mr Holmes claimed people in the industry used to "have a proposal [and] fire it off to the underwriting department" of spurious lenders, building societies or banks.

However, nowadays, getting a mortgage has gone back to the standards seen in the 1980s, he remarked.

A recent study by revealed the average Brit now believes they will be 37 years old before they can buy their first home.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801347983-ADNFCR

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