Three million refused loans since Feb '07

Research commissioned by GE Money suggests many borrowers have had to apply several times to access credit, and says brokers are vital to helping potential borrowers to navigate the rapidly changing credit market. GE Money says around 3.4m UK borrowers have had a credit application refused during the past 18 months, while 412,000 have been completely unable to obtain a loan or mortgage. Garry Bell, head of mortgage marketing at GE Money Home Lending, says the credit crunch has been a major cause of refused applications and lenders have changed their criteria for loans. Around one in eigh...