Take some advice

Home buyers are better off seeking independent financial advice when applying for a mortgage. EMN-150319-141008001

Home buyers are better off seeking independent financial advice when applying for a mortgage. EMN-150319-141008001

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The first Mortgage Approval Confidence Index from unbiased.co.uk reveals homebuyers have low confidence that their mortgage will be approved, yet many are not taking any steps to remedy this.

The research reveals success can be greatly improved through professional mortgage advice, with more than eight in ten advised applications approved first time.

The most common steps taken to improve the chances of mortgage success are checking credit rating and making a detailed analysis of all outgoings, but 32 per cent of prospective mortgage applicants say they have taken no action at all. Although only 19 per cent of prospective mortgage applicants say they have already consulted a professional financial adviser for help with their mortgage application, a further quarter say they plan to do so.

Overall, one in five potential buyers who seek advice from a professional mortgage adviser, do so after having had their initial non-advised application rejected.

Men are more likely to have taken action. Only 21 per cent of women say they intend to reduce their spending to increase their chances of having their application approved.