According to a recent survey, buyers are hopelessly uninformed on the mortgage process.
Whilst the furlough scheme was active, 64% of those living in Britain believed that lenders would not consider whether they received support when applying for a mortgage.*
Likewise, from a survey of 2,000 adults, 42% did not believe being self-employed would be considered.
When deciding whether to lend to you or not, a bank will always assess the risk factor, which means taking into account anything that may affect repayments, such as your employment status and spending behaviour.
Of all generations, it is those aged 35 and under with the least experience on what to expect when applying or looking to re-mortgage for a better deal.
Only 15% of those aged 18 to 24 knew that the government-guaranteed mortgage scheme announced earlier this year applied to them, with a staggering 85% left in the dark.*
Wondering if you’re eligible?
Open until 31 December 2022 for new applications, this scheme is available to first-time buyers and home movers across the UK.
For more information, go to: https://www.gov.uk/government/news/new-95-mortgage-scheme-launches
If you’re looking for mortgage advice, contact our dedicated team today. We can provide comprehensive advice and help you find the best deal possible.
*Estate Agent Today