Many more first-time buyers have been rejected for a mortgage since the start of the pandemic than before, a survey of potential homebuyers has revealed.
Only one third (35%) were able to get a mortgage at their first attempt – which is significantly less than the 48% who were accepted before Covid struck.
The survey by mortgage lender Aldermore Bank found nearly half (45%) of prospective first-time buyers it quizzed were rejected for a mortgage once whilst 20% had been turned down more than once.
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