You are here: Home - Uncategorized -

Consumers don’t understand mortgages

Written by:

There is a widespread lack of understanding among mortgage borrowers, according to specialist lender, Beacon Homeloans.

Most consumers (75%) realised that being bankrupt or having CCJs could prevent them from getting a mainstream mortgage. Fewer than 50% knew that missing credit card payments could hinder a mortgage application – three missed payments can mean a mortgage application will be rejected.

And only 23% knew that being self-employed could impact on their ability to get a standard mortgages.

Spokesperson for Beacon, Nicola Severn, said: “This research shows that more needs to be done to educate consumers about the non-conforming market and the effect an individual’s financial status has on their ability to borrow.”


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Government to launch Islamic bonds

Islamic bonds which comply with Sharia Law may be available in the UK within this financial year.