FTB Mortgage Struggles Compounded By Pandemic

New data has revealed that challenges for first-time-buyers attempting to secure a mortgage are being intensified by the ongoing pandemic, as many continue to struggle with credit and self-employment in the current Covid-19 environment. According to the data, the number one reason for a rejected mortgage application was that the prospective first-time buyer is self-employed or a contract worker (20%). This is a big change on pre-lockdown First Time Buyer Index results in March when it was only the 9th most common reason for an application being declined. As a result, nearly a quarter (23%) say they have given up being self-employed to secure a mortgage. Read more on the Property Reporter website.

https://www.propertyreporter.co.uk/property/ftb-mortgage-struggles-compounded-by-pandemic.html