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Share of fist-time buyers who were declined a mortgage in the United Kingdom (UK) in 2023, by reason

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Source

Release date

January 2024

Region

United Kingdom

Survey time period

May 30 to June 14, 2023

Number of respondents

2,000 respondents

Special properties

prospective buyers

Citation formats

First-time buyers' reasons for being declined a mortgage in the UK 2023

Published by ÌÇÐÄÆƽâ°æ Research Department, Mar 11, 2024

Insufficient deposit was the leading reason for fist-time buyers in the United Kingdom to be denied a mortgage in 2023. A survey among fist-time buyers found that ** percent were turned down because of the deposit. Insufficient or irregular income, as well as poor credit history, were other reasons to be denied a mortgage. Additionally, some borrowers received a refusal because of an administrative error. The source adds that ** percent of buyers were turned down. 

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Topics

Mortgages in the UKHousing market in the U.S.Mortgage industry in the U.S.Mortgage industry worldwide: developed marketsResidential real estate in Europe
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