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Research from the lender found more than 450,000 people had to apply for their loan four or more times before they were accepted, with 30,000 having to apply up to eight times.

More than 412,000 could not get a mortgage or loan despite repeated attempts.

GE Money said with the recent trend of lenders tightening their criteria and focusing more efforts on direct offerings, previously credit-worthy people were now potentially being classed as a higher credit risk and therefore finding it more difficult to source the deal they need.

Gerry Bell, head of mortgage marketing for GE Money Home Lending, said: "Multiple failed applications can be time consuming and, of course, can be detrimental to a borrower.

"With criteria changing regularly and the risk of decline increasing all the time, it is even more important that borrowers looking to obtain a mortgage use reputable mortgage professionals with broad experience, knowledge and systems at their disposal which will increase the chances of the borrower getting the deal they need.

"The focus in the mortgage market is now on availability more than anything else, with financially strong and experienced lenders the most likely to offer credit.

"In addition there are a number of dedicated specialist lenders with strong pedigree who may be able to help meet borrowers needs."