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Getting a mortgage more difficult than arranging a wedding – Lendinvest.

Getting a mortgage more difficult than arranging a wedding – Lendinvest.

A survey by Lendinvest of 1,000 people across the UK, (focusing primarily on the self-employed and those with complex income streams), found that 30% had been rejected for a mortgage, compared to 14% in the general population.

Of those contacted, 35% agreed that there were not enough mortgage products available to suit their situation and 48% said they have been negatively impacted by the mortgage application process.

The survey also reveals that 51% have changed their life choices to improve the likelihood of application success and 43% believe they are less likely to become a homeowner due to the cost of living crisis

The findings show that self-employed individuals and workers with multiple or non-standard sources of income, as well as those with complex credit histories, think getting a mortgage is more difficult than: moving home (19%); arranging a wedding (14%); parenting (13%) and applying for a new job (11%)

A quarter of respondents rank getting a mortgage as the most difficult task, only flying a plane (49%) ranked as more difficult.

According to Lendinvest, difficulty in receiving a quick mortgage decision affects more than a quarter of self-employed workers

One fifth of respondents also noted that finding someone to understand their situation was hard, with 29% saying they have felt discriminated against by a high street mortgage lender or bank due to their employment status or income streams.

Lendinvest chief executive Rod Lockhart believes these results shed more light on the difficulties facing those with more complex cases applying for a mortgage and the general sentiment regarding the mortgage process during what is a difficult time for potential homeowners.

“It’s especially upsetting to see the emotional toll on a worryingly large number of people,” he says.

 

The post Getting a mortgage more difficult than arranging a wedding – Lendinvest. appeared first on Mortgage Strategy.

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