21 Oct

Homeowners deterred by mortgage access

Homeowners deterred by mortgage access

Many people feel uncertain about getting a new mortgage approved, according to new research.

A study from Precise Mortgages concluded that only 12 per cent of Brits believe it is easier to get a mortgage now compared to five years ago - despite changes in legislation to make home loans more accessible.

Nearly half (49 per cent) of those questioned felt mortgage rates favour those buyers who have a significant deposit, while 36 per cent expressed concern that first-time buyers may struggle to get a home loan.

"Prospective home buyers are feeling more positive about their ability to save and find an affordable property, but with consumer sentiment towards mortgage accessibility falling in the last year, the industry has a vital job to do in reassuring prospective home owners," said Alan Cleary, managing director of Precise Mortgages.

He added: "Ensuring that all viable home owners have access to mortgage products should be the aim of the industry as a whole."

The research did find there has been some improvements in other barriers such as saving for a deposit and finding an affordable property, although 76 per cent of current renters aged between 18 and 24 still believe not having enough deposit is preventing them from buying.ADNFCR-1222-ID-801803518-ADNFCR

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