More than 738,000 mortgage applicants have had their applications rejected in the past six months, as many begin to feel the impact of tighter lending restrictions. Sean Gardner, chief executive of Moneyexpert.com, said: “Life is tough at the moment if you’re applying for a mortgage. The financial environment is far more stringent than in the summer of last year and people need to be prepared for rejection.”

Out of 738,000 applicants, 382,000 were aged between 25 and 34 years old. Although this age category was the worst affected, younger people were not the only ones to suffer a rejected application. Many remortgagers, as well as older first-time buyers will have been considered ineligible for a mortgage.

Gardner added: “It’s unlikely that only first-time buyers are being affected. Anyone looking to remortgage should apply with caution and take professional advice if they’re unsure, as too many failed applications could affect your credit rating.”