According to the latest research from specialist lender Together, the surging cost of living and inflationary pressures are causing a significant impact on households’ ability to secure a mortgage.
The study shows that over half (53%) of UK adults with a credit ‘blip’ have struggled to get a mortgage, a figure which escalates to a whopping 86% among those aged 18-34.
Among those who have had a mortgage application turned down, 20% were unable to secure their mortgage in time, leading to the loss of their dream home, and 16% were forced to abandon the idea of buying a property altogether.
In dire situations, 23% had to rely on family and friends to act as guarantors, leading to potential future repayment anxiety, and 17% had to exhaust all their savings to afford a cash deposit.
Moreover, the research highlighted the emotional toll of these rejections. Among those who had been turned down 32% reported feeling worried about their future, 26% felt depressed, and 23% felt like a failure.
As high street lenders continue to tighten their risk appetite and criteria, specialist support, which offers case-by-case evaluations of people’s finances, appears to be a solution for those with a missed bill or loan payment on their record due to the rising cost of living.
If any of the above currently concerns you, please get in touch. Initial enquiries are free and no obligation.
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