Insufficient deposit was the leading reason for fist-time buyers in the United Kingdom to be denied a mortgage in 2023. A survey among 2,000 fist-time buyers found that 21 percent were turned down because of the deposit. Insufficient or irregular income, as well as poor credit history, were other reasons to be denied a mortgage. Additionally, some borrowers received a refusal because of an administrative error. The source adds that 23 percent of buyers were turned down.
Share of fist-time buyers who were declined a mortgage in the United Kingdom (UK) in 2023, by reason
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Aldermore. (January 29, 2024). Share of fist-time buyers who were declined a mortgage in the United Kingdom (UK) in 2023, by reason [Graph]. In Statista. Retrieved November 03, 2024, from https://www.statista.com/statistics/1452156/first-time-buyer-experience-with-mortgage-brokers-uk/
Aldermore. "Share of fist-time buyers who were declined a mortgage in the United Kingdom (UK) in 2023, by reason." Chart. January 29, 2024. Statista. Accessed November 03, 2024. https://www.statista.com/statistics/1452156/first-time-buyer-experience-with-mortgage-brokers-uk/
Aldermore. (2024). Share of fist-time buyers who were declined a mortgage in the United Kingdom (UK) in 2023, by reason. Statista. Statista Inc.. Accessed: November 03, 2024. https://www.statista.com/statistics/1452156/first-time-buyer-experience-with-mortgage-brokers-uk/
Aldermore. "Share of Fist-time Buyers Who Were Declined a Mortgage in The United Kingdom (Uk) in 2023, by Reason." Statista, Statista Inc., 29 Jan 2024, https://www.statista.com/statistics/1452156/first-time-buyer-experience-with-mortgage-brokers-uk/
Aldermore, Share of fist-time buyers who were declined a mortgage in the United Kingdom (UK) in 2023, by reason Statista, https://www.statista.com/statistics/1452156/first-time-buyer-experience-with-mortgage-brokers-uk/ (last visited November 03, 2024)
Share of fist-time buyers who were declined a mortgage in the United Kingdom (UK) in 2023, by reason [Graph], Aldermore, January 29, 2024. [Online]. Available: https://www.statista.com/statistics/1452156/first-time-buyer-experience-with-mortgage-brokers-uk/
