81% Of First-Time Buyers Rejected For A Mortgage Since Covid Outbreak

Only 19% of prospective first-time buyers were able to get a mortgage on the first attempt over the past 12 months, representing a huge change from the 48% that were able to pre-Covid-19. 38% were rejected for a mortgage once, whereas 43% say they were rejected for a mortgage more than once. This shows a significant shift from pre-Covid-19 when a third (36%) reported being rejected once and only 17% said they had been rejected more than once. The main reason for a rejected mortgage application was that the prospective buyer has poor credit history (41%), up from 19% in March 2020. Read more on the Financial Reporter website.

81% of first-time buyers rejected for a mortgage since Covid outbreak | Financial Reporter