How much do you know about the mortgage process?
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
This article was originally published by BriefYourMarket and is reproduced here with their permission.
For more company news and insights from Pygott & Crone, click here
Latest news
The Renters' Rights Act: What landlords need to know now
The Renters' Rights Act: What landlords need to know nowThe Renters' Rights Act 2025 came into force on 1 May 2026, bringing the most significant overhaul of private rented sector legislation in England in more than thirty years.
What's my home really worth? Understanding property valuations
What's my home really worth? Understanding property valuationsBefore you market a property for sale, understanding its value in the current market is the most important preparation you can make.
Void periods explained: How to minimise empty rental months
Void periods explained: How to minimise empty rental monthsA void period is the time between one tenancy ending and the next beginning, during which the property generates no income.
Breaking down the property chain: How it really works
Breaking down the property chain: How it really worksWhen you buy or sell a home in the UK, you are likely to hear the phrase property chain.
