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Mortgage applications “challenging” for buyers: Experian

Mortgage applications “challenging” for buyers: Experian 1024 576 NGI Residential Mortgages

Nearly a quarter (24 per cent) of homeowners believe applying for a mortgage is the most challenging part of buying a house, according to Experian.

The credit reference agency questioned homeowners with many saying the mortgage application process was more challenging than securing a deposit, despite more than a third (33 per cent) of first-time buyers taking up to three years to save a deposit.

Experian also found that almost three -quarters (74 per cent) of homeowners didn’t check their credit report before applying for a mortgage.

Experian Marketplace and Affinity managing director Amir Goshtai says: “Getting a mortgage is one of the biggest financial commitments many consumers will make in their lifetime and our research shows it can be overwhelming.

“We have become used to checking our eligibility for products like credit cards and loans for some time now, and there’s no reason the service shouldn’t be available in the mortgage market too.

“Making sure consumers are well informed about their options will give them confidence when speaking to a mortgage broker. Experian’s eligibility tool provides straightforward answers allowing buyers to feel prepared without affecting their credit score.”

* Content Source – Mortgage Strategy