UK mortgage hunters are feeling disempowered
Need to take out a mortgage, but feeling the fear? Research from our innovation hub has found that you’re not alone. Nearly 13 million adults across the UK don’t think they’re eligible for a mortgage at all! The Simples Lab found that many applicants don’t ever take the necessary steps required to boost their eligibility. A surprising 62% of the nation told us they’ve never checked how much they could borrow before applying. By completing a ‘soft check’, you can see how likely you are to qualify for a mortgage before you apply. And, most importantly, it won’t affect your credit rating.
For most of the nation, your credit rating counts! If it’s low, you may struggle to find a mortgage provider who’s prepared to lend you what you need. The good news? There are some key things that you could do to boost your credit rating such as; taking out a credit card, paying off existing debt and adding your name to the electoral register. However, nearly three quarters of UK adults admit they’ve not made any attempt to improve their credit rating at all.