New research from TSB has revealed that 38% of aspiring homeowners fear having their mortgage application rejected, whether they're first-time buyers or looking to make their way up the property ladder.
Younger buyers were the most concerned, with 66% of house hunters under the age of 35 worrying about their prospects. Incidentally, this is also the age group that's the most likely to check their credit score prior to making an application, indicating that although they're the most fearful they also make the necessary preparations.
Meanwhile, the greatest barrier to a successful mortgage application was perceived as being the level of income, with the majority of consumers (41% of those surveyed) believing that their earnings would negatively affect their chances of acceptance. An unsatisfactory credit rating was the second most pressing concern (24%) followed by fears over not being able to amass a sufficient deposit (23%).
These figures are perhaps surprising considering the results of the latest Bank of England Credit Conditions Survey. It found that many providers are actually displaying a much greater willingness to lend, particularly at higher loan-to-values, with them loosening their credit criteria and therefore approving a much higher number of applicants.
For those worried about being approved, there are things to be done to increase your chances of getting accepted. Saving as much as possible for a deposit should be first on the list, and make sure to check how much you can borrow before searching for properties so you won't be disappointed later.
If necessary, you might want to think about getting your credit score up to scratch too – check out our guide on how to go about it – and if you're new to the property market make sure to find out as much as you can about mortgages and how to get on the housing ladder.
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