First-time buyers' reasons for being declined a mortgage in the UK 2023
Insufficient deposit was the leading reason for fist-time buyers in the United Kingdom to be denied a mortgage in 2023. A survey among 2,000 fist-time buyers found that 21 percent were turned down because of the deposit. Insufficient or irregular income, as well as poor credit history, were other reasons to be denied a mortgage. Additionally, some borrowers received a refusal because of an administrative error. The source adds that 23 percent of buyers were turned down.