06 September 2017
Masthaven commissionedOpinium Research to ask UK adults aged 18+ about their experiences of the mortgage market. This paper doesn’t document every single UK housing trend; it serves to highlight notable societal shifts that have affected the mortgage market. Nor does it reflect the extreme ends of the financial spectrum: homeless or very wealthy individuals; it focuses on whatMasthaven considers to be mainstream groups of society, with ordinary financial needs.
Here are some of the Key Findings:
- 60% of people surveyed said they believe if they were to buy a home today, it would be hard to get a mortgage in their current circumstances.
- 8% of people polled said they have either struggled to get a mortgage, or were refused an application in the last 10 years. The majority (93%) of these people were ‘confident’ they could make the monthly repayments.
- UK householders sense a ‘computer says no’ mentality from mortgage lenders.
- Three in four (74%) people surveyed believe that age should not affect your eligibility for a mortgage it should simply be about whether you can meet the monthly mortgage repayments – this rises to 79% among people aged 55 or over.
- There is a lack of confidence that the UK housing gap will shrink in the next five years: a majority (61%) of those surveyed feel that the shortage of affordable homes will increase in the next five years.
To read the paper in full click here.