Mortgage hunters feel less in control
The Mortgage Market Review rules were introduced last April but more than a third (37%) said they feel less in control of the mortgage process, research from Experian said.
Almost half (45%) of people who had planned to buy a property since the introduction of the new affordability rules last year have so far failed to do so.
Some people remain unaware of what banks are looking for in a good mortgage borrower. Almost half (46%) of people said they have never checked their credit report.
Further research suggested people were not aware lenders were now requiring bigger deposits and some believed lenders had relaxed rules since the Mortgage Market Review.
James Jones, head of consumer affairs at Experian, said borrowers needed to be well prepared before entering the mortgage process.
“Preparation is the key to successfully navigating the mortgage market post-MMR,” he said.
“Understanding the affordability rules and how a lender makes their decision is the key to success. But it can take time to build a positive credit history and a solid track record of positive money management, so it’s important you start preparing as soon as you make the decision to buy.”