11 November 2021
32% of mortgage applicants have faced at least one rejection from a lender, new research from KSEYE has found.
The bridging lender surveyed 752 UK adults who had applied for mortgages in the past five years. It found that 68% were successful at their first attempt, while 32% were rejected on at least one occasion.
Of those who were rejected by lenders, 44% said it was due to having an irregular income rather than a monthly pay-check. 30% were self-employed when rejected for a mortgage.
More than a third (36%) of those who were turned down by a lender said that they were never told why their application had been unsuccessful. Almost half (46%) had received an agreement in principle from a mortgage provider, only for the company to later reverse their decision.