Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.

Majority of First-Time Buyers Find Mortgages Hard to Secure, Survey Finds

More than half of prospective first-time buyers in the UK believe it is difficult to get accepted for a mortgage, according to new research from Yorkshire Building Society. The lender’s No Way Home? report found that 56% of aspiring buyers thought securing a mortgage was difficult, compared to 40% of existing homeowners who shared this view.

The report highlights that among prospective buyers, 39% identified the need for a large deposit as one of the biggest barriers to homeownership. Additionally, 15% pointed to a lack of understanding or education about mortgages as a significant obstacle.

The perception of difficulty is even higher among people who rent and do not expect to buy, with 65% believing they would find it difficult to be accepted for a mortgage. The research also found that 71% of people who had used mortgage advice said it made buying a home easier, while only 5% said it made the process more difficult.

These findings follow research from the Building Societies Association, which found that 47% of people who want to buy a home have never spoken to a lender or mortgage broker about their options.

For UK letting agents and inventory clerks, these insights underline the ongoing challenges faced by renters and first-time buyers in transitioning to homeownership. The data suggests that both financial and informational barriers remain significant, potentially impacting demand in the private rented sector and the pace at which tenants move into homeownership.