A Lendinvest survey of 1,000 people across the UK (focusing mainly on the self-employed and those with complex income streams), found that 30% had been rejected for a mortgage, compared to 14 % in the general population.
Of those contacted, 35% agreed that there were not enough mortgage products available to suit their situation and 48% said they had been negatively impacted by the mortgage application process.
The survey also reveals that 51% have changed their lifestyle choices to improve the likelihood of application success and 43% believe they are less likely to become homeowners due to the cost of living crisis.
The results show that self-employed workers and workers with multiple or atypical sources of income, as well as those with complex credit histories, think that it is more difficult to obtain a mortgage than: to move (19%); organize a wedding (14%); being a parent (13%) and applying for a new job (11%)
A quarter of respondents rank getting a mortgage as the most difficult task, only piloting an airplane (49%) is considered the most difficult task.
Difficulty getting a quick mortgage decision affects more than a quarter of self-employed people, says Lendinvest
A fifth of respondents also noted that it was difficult to find someone to understand their situation, with 29% saying they had felt discriminated against by a mortgage lender or bank because of their employment status or sources of support. income.
Lendinvest managing director Rod Lockhart believes the results shed more light on the difficulties faced by those with more complex cases applying for a mortgage and the general sentiment about the mortgage process during a difficult time for potential homeowners.
“It’s particularly heartbreaking to see the emotional toll of such a disturbing number of people,” he says.