Survey reveals what borrowers expect lenders to consider when reviewing a mortgage application

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30th September 2021 13:39 - Housing

Survey reveals what borrowers expect lenders to consider when reviewing a mortgage application:  A survey has revealed what borrowers believe lenders will look at when considering their suitability for a mortgage.

The NerdWallet research polled 2,000 nationally representative UK adults in June 2021 and asked borrowers what they believe lenders are looking at when reviewing their application. The top answer given was 'their employment status' (73%), followed by 'the size of their deposit' (66%) and their credit score (65%). The majority of borrowers also were aware that lenders look at any debt they might have (64%), and any adverse credit events (62%).

However, fewer respondents were aware of checks around spending on store cards (41%), their overall spending habits (37%) and whether they have been furloughed by their employer (36%).

The research also found that some borrowers are ahead of the game and try to 'go the extra mile' ahead of making a mortgage application. When asked what they would do to boost their chances of mortgage success, three in 10 (30%) said they would save for a higher deposit, while more than a quarter (26%) said they would seek mortgage advice from a professional to ensure they were in the best position.

Just fewer than a quarter (23%) said they would ensure all of their existing debts were settled before applying, while a further 23% said they would ensure they had made provision beforehand for any extra fees associated with buying a property.



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