Sunday 12 June 2011

Two thirds of homeowners have 'mortgage worries' | This is Money

Two thirds of homeowners have 'mortgage worries' | This is Money

Only a third of homeowners wanting to move or remortgage are confident they would be able to during the coming year, according to a survey.

The rest of the respondents say they are worried they would fall foul of banks' tough lending criteria if they were taking out a new mortgage.

Research by broker Legal & General Mortgage Club and the Association of Mortgage Intermediaries showed around 30% of the UK's mortgage holders want either to move home or remortgage during the coming 12 months.

But just a third are confident they would qualify for a new loan, with 25% concerned that they do not earn enough to borrow the amount they want, while 20% think they do not have a big enough deposit.

A further 10% said they thought bad credit issues would stop them from getting a mortgage, including 3% who had defaulted on non-secured debt and 2% who had fallen behind with their mortgage during the past year.

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