Over a third of first time buyers expect mortgage rejection

By Natasha Adamson

A new survey has revealed that 38 per cent of first time buyers expect to have their mortgage application rejected.

The Mortgage Approval Confidence Index was produced by unbiased.co.uk and looked at first time buyers and home movers' estimation of their chances of being approved for a mortgage. Overall, 28 per cent of potential home buyers did not expect their mortgage application to be approved the first time round, with the figure climbing to 38 per cent when looking at just first time buyers. Rather surprisingly, many of those expecting to have their mortgage application rejected have done nothing to improve their prospects.

According to the report 81 per cent of applications submitted via a financial adviser are approved first time, yet only 19 per cent of the first time buyers surveyed had seen an adviser, and a further 27 per cent said they planned to. Only a quarter had properly analysed their outgoings and 28 per cent had checked their credit ratings.

If you are buying, selling or remortgaging a house in Northern Ireland, and want to speak to a property conveyancing solicitor about the legal process, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.