New research that looks at mortgage applicants throughout the UK has found that half of them had lost out on their preferred mortgage product after applying because the lender withdrew it.
This survey was carried out by Market Financial Solutions (MFS) and the company spoke to 2,000 people throughout the country who have applied for a mortgage. The results show that 50% had endured the experience of the lender taking the product off the market before they could complete the process of agreeing it. Meanwhile 31% had lost out after the agreement in principle point, due to that falling through.
Elsewhere, 27% of those who participated in the survey told MFS that they had located a suitable home but had not been able to secure a mortgage that met their needs. One quarter of those that MFS spoke to said that the fees involved being too high had been the reason that they had failed to complete the process successfully.
MFS CEO Paresh Raja told Mortgage Solutions that inflation and subsequent base rate rises were making the market incredibly tricky for potential borrowers. He then went on to add that:
“With products being pulled left, right and centre, and with uncertainty so prevalent, mortgage customers are struggling to find the financial options they require on the high street.”
A combination of quality advice from someone with CeMAP mortgage advisor training and specialist lenders could be the answer to the problem for many of the people currently battling with the mortgage market.
