Nearly two-fifths of British house hunters fear mortgage rejection
Nearly two-fifths (38 per cent) of house hunters are concerned they will be rejected for a mortgage, according to new research by TSB. The survey of 2,014 people showed younger buyers – those under the age of 35 – are particularly concerned about obtaining a mortgage, with 66 per cent fearing rejection. On a geographical basis, Londoners are most worried about their mortgage applications with 54 per cent expressing fears, compared with 19 per cent in the North East – the lowest in the country. According to the results, the biggest perceived obstacle to consumers’ applications is their level of income, with 41 per cent of respondents citing this as their main worry. Poor credit rating was the second most common anxiety at 24 per cent, while insufficient deposits were third, with 23 per cent.
Many aspiring homeowners are concerned their mortgage application may get declined.
If this is your concern Hoksin Mortgages can help.
There is one easy action that you can take to improve your chances. Talk to a qualified mortgage adviser like ourselves’ before beginning your property search. As one lender’s criteria can be quiet different to another, we can search the whole of the market to find a lender that can suit your needs and requirements.This will allow you to hunt in confidence safe in the knowledge that they can obtain an affordable mortgage deal.
Clare Allen at Hoskin Mortgages.