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Consumers don’t understand mortgages

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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.”

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