Additionally, according to the research from Market Financial Solutions, more than three in ten (31 per cent) have had an agreement in principle in place that later fell through
A survey of 2,000 UK adults reveals that 50 per cent of UK adults who have applied for a mortgage in 2022 have had their desired product withdrawn by their lender before they could secure it.
Additionally, according to the research from Market Financial Solutions (MFS), more than three in ten (31 per cent) have had an agreement in principle in place that later fell through.
The research reveals that 27 per cent of mortgage customers have missed out on a property purchase because of hassles in getting a mortgage, with 25 per cent losing out on fees because of an acquisition falling flat.
In the meantime, a huge majority (74 per cent) of pollees feel there is a lack of certainty being provided by lenders currently, while 69 per cent say lenders are not showing adequate flexibility.
Market Financial Solutions’ survey also revealed that most (56 per cent) people are more open than they were a year ago to working with alternate or specialist lenders to finance a property purchase.
MFS chief executive Paresh Raja says, the base rate continues to increase as the BoE struggles with inflation, and our research underscores how hard this is making it for people navigating the mortgage market.
With products being pulled left, right and centre, and with uncertainty so widespread, mortgage customers are struggling to find the financial choices they need on the high street, he said.
Raja points out that people are in a race to re-mortgage at the best rate they can find, while others are still searching for the right product to facilitate a property purchase.
He said: Clearly, too many deals are falling through and borrowers are being left in the lurch. Importantly, as interest rates are set to increase once more, further volatility is likely – so, lenders must work closely with brokers and borrowers to do all they can to make sure homebuyers and investors can act with confidence in the months to come.