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First-timers put off by MMR

Ryan Fowler

April 30, 2014

Before the launch of MMR a third of the polled group said they were considering applying for a mortgage, yet afterwards just 11% said they were still thinking of applying.

Indeed, nearly half felt that their lifestyle and spending habits would not make them a desirable mortgage applicant following MMR.

The group comprised of 2,186 Britons in full-time employment all of whom rented, were without children and stayed on the same salary for the previous six months.

George Charles, financial expert at VoucherCodesPro.co.uk, said: “with the recent changes meaning that those looking to buy a home will face tougher questions and a bit of an interrogation about their lifestyle spend, the results are worrying.

“People have clearly been put off applying for a mortgage or considering buying a first home following these changes.”

Men spend 21% of their disposable income in alcohol, while women spend 27% on clothing, footwear and accessories.


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