One out of five won’t get a mortgage
YouGov research commissioned by Precise Mortgages reveals that two million borrowers believe that there is not enough money to go around.
The survey, which received responses from 2113 mortgage customers, shows that 19% of people believe that they will be unable to get a mortgage because of a lack of mortgage funding and that 30% of mortgage borrowers will be looking for a new mortgage over the next 12 months. In the 35-44 age bracket this increases to 40% – or four out of ten would-be borrowers.
Alan Cleary, managing director of Precise Mortgages, said: “Many people believe that banks have a funding problem but things have moved on significantly in the last 12 months.
“The big banks are paying back the government led Special Liquidity Scheme ahead of schedule because liquidity has improved more quickly than expected.
“Many mortgage lenders including Precise Mortgages want to lend more money to customers.”