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13
DEC
2015

“One in seven homeowners is becoming a mortgage prisoner”

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lakesideHomeowners are facing being left on expensive standard variable rates due to tougher mortgage application rules.

Data from Nottingham Building Society shows up to one in seven homeowners have had difficulty getting a new deal since the Mortgage Market Review was introduced in April 2013.

‘Mortgage prisoners’ are missing out on some of the cheapest-ever rates on the market, with 26 per cent rejected because they do not fit new affordability rules or because their credit record has deteriorated.

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