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 

Being Self-Employed Blamed For One In Six Mortgage Rejections

One in six (17%) Brits say they were declined for a mortgage because they run their own business, research from specialist mortgage broker platform Haysto has found. A further 15% of sole traders, and 14% of directors of a limited companies, said they were turned down because of their job role. After being rejected 31% claimed they were left feeling depressed, while 29% felt they were treated unfairly. Read more on the Property Wire website.

https://www.propertywire.com/news/being-self-employed-blamed-for-one-in-six-mortgage-rejections/