Insufficient deposit was the leading reason for fist-time buyers in the United Kingdom to be denied a mortgage in 2023. A survey among 2,000 fist-time buyers found that 21 percent were turned down because of the deposit. Insufficient or irregular income, as well as poor credit history, were other reasons to be denied a mortgage. Additionally, some borrowers received a refusal because of an administrative error. The source adds that 23 percent of buyers were turned down.
Share of fist-time buyers who were declined a mortgage in the United Kingdom (UK) in 2023, by reason
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Aldermore. (January 29, 2024). Share of fist-time buyers who were declined a mortgage in the United Kingdom (UK) in 2023, by reason [Graph]. In Statista. Retrieved March 15, 2025, from https://www.statista.com/statistics/1452156/first-time-buyer-experience-with-mortgage-brokers-uk/?__sso_cookie_checker=failed
Aldermore. "Share of fist-time buyers who were declined a mortgage in the United Kingdom (UK) in 2023, by reason." Chart. January 29, 2024. Statista. Accessed March 15, 2025. https://www.statista.com/statistics/1452156/first-time-buyer-experience-with-mortgage-brokers-uk/?__sso_cookie_checker=failed
Aldermore. (2024). Share of fist-time buyers who were declined a mortgage in the United Kingdom (UK) in 2023, by reason. Statista. Statista Inc.. Accessed: March 15, 2025. https://www.statista.com/statistics/1452156/first-time-buyer-experience-with-mortgage-brokers-uk/?__sso_cookie_checker=failed
Aldermore. "Share of Fist-time Buyers Who Were Declined a Mortgage in The United Kingdom (Uk) in 2023, by Reason." Statista, Statista Inc., 29 Jan 2024, https://www.statista.com/statistics/1452156/first-time-buyer-experience-with-mortgage-brokers-uk/?__sso_cookie_checker=failed
Aldermore, Share of fist-time buyers who were declined a mortgage in the United Kingdom (UK) in 2023, by reason Statista, https://www.statista.com/statistics/1452156/first-time-buyer-experience-with-mortgage-brokers-uk/?__sso_cookie_checker=failed (last visited March 15, 2025)
Share of fist-time buyers who were declined a mortgage in the United Kingdom (UK) in 2023, by reason [Graph], Aldermore, January 29, 2024. [Online]. Available: https://www.statista.com/statistics/1452156/first-time-buyer-experience-with-mortgage-brokers-uk/?__sso_cookie_checker=failed
