This statistic gives an overview of issues that put people off applying for a mortgage in the United Kingdom (UK) according to 20 to 45 year olds surveyed in 2011 and 2015. It shows a slight increase in people worried that if they are rejected for one mortgage, it will damage their changes of being accepted for another.
Reasons why first-time buyers put off their mortgage application in the United Kingdom (UK) in 2011 and 2015
Characteristic
2011
2015
Job insecurity*
-
84%
Fear of possible interest rate rises*
-
82%
The general fear that its too risky getting a home at the moment because too many things could go wrong (interest rate rises, falling house prices, losing their job)
89%
81%
The belief that banks don’t want to lend to first time buyers at the moment and find excuses to turn them down
84%
79%
The fear that if they are rejected for one mortgage, it will damage their chances of being accepted for another one or by a different lender
74%
78%
A general perception that almost everyone is rejected by lenders so there is little point in applying
67%
70%
Not wanting to go through the stress and anxiety of applying for a mortgage
61%
69%
Being too scared of being turned down to apply
55%
65%
Hearing horror stories from friends or family about their mortgage applications
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Lloyds Banking Group. (April 7, 2015). Reasons why first-time buyers put off their mortgage application in the United Kingdom (UK) in 2011 and 2015 [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/467921/reasons-why-buyers-delay-mortgage-applications-uk-united-kingdom/
Lloyds Banking Group. "Reasons why first-time buyers put off their mortgage application in the United Kingdom (UK) in 2011 and 2015." Chart. April 7, 2015. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/467921/reasons-why-buyers-delay-mortgage-applications-uk-united-kingdom/
Lloyds Banking Group. (2015). Reasons why first-time buyers put off their mortgage application in the United Kingdom (UK) in 2011 and 2015. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/467921/reasons-why-buyers-delay-mortgage-applications-uk-united-kingdom/
Lloyds Banking Group. "Reasons Why First-time Buyers Put off Their Mortgage Application in The United Kingdom (Uk) in 2011 and 2015." Statista, Statista Inc., 7 Apr 2015, https://www.statista.com/statistics/467921/reasons-why-buyers-delay-mortgage-applications-uk-united-kingdom/
Lloyds Banking Group, Reasons why first-time buyers put off their mortgage application in the United Kingdom (UK) in 2011 and 2015 Statista, https://www.statista.com/statistics/467921/reasons-why-buyers-delay-mortgage-applications-uk-united-kingdom/ (last visited July 22, 2024)
Reasons why first-time buyers put off their mortgage application in the United Kingdom (UK) in 2011 and 2015 [Graph], Lloyds Banking Group, April 7, 2015. [Online]. Available: https://www.statista.com/statistics/467921/reasons-why-buyers-delay-mortgage-applications-uk-united-kingdom/
