Where did you hear about us?
The monthly magazine providing news analysis and professional research for the discerning private investor/landlord

A third of UK mortgage applicants face rejection

One in three mortgage customers in the UK were rejected by lenders during the process of applying for loans, new research from KSEYE has found. The bridging lender commissioned an independent survey of 752 UK adults, all of whom had applied for mortgages in the past five years. It found that 68% were successful at their first attempt, while 32% were rejected on at least one occasion.

Of those who were rejected by lenders, 44% said it was due to having an irregular income rather than a monthly pay-check. Three in ten (30%) were self-employed when rejected for a mortgage. More than a third (36%) of those who were turned down by a lender said that they were never told why their application had been unsuccessful. Almost half (46%) had received an agreement in principle from a mortgage provider, only for the company to later reverse their decision.

According to all 752 mortgage customers surveyed, 50% relied on a broker to find their loan. However, 28% are dissatisfied with the experience they have had with their current mortgage provider.

Kynan Benjamin, head of underwriting at KSEYE, said: “Given how busy and competitive the UK property market has been over the past 12 months, the mortgage industry has come under scrutiny. And understandably so, with our research highlighting just how difficult it can be for individuals to jump through the necessary hoops to secure a mortgage.”

If you want to read more news subscribe