According to research from Shawbrook, a third of adults struggle to get a mortgage.
The lender’s Home A-loan report shows that 30% of British adults have tried to get a mortgage more than once, while 13% have tried multiple times.
Only one in five (20%) of people are confident they will get approved for a mortgage, falling to 10% for those with an unfavorable credit history.
While the final mortgage approval rate was 71%, Shawbrook found, this drops sharply for those with more complex financial profiles.
Just over half (54%) of people with impaired credit managed to find a mortgage, and only 46% of first-time buyers were successful.
Among those turned down for a mortgage, the most common reason was a poor credit score, cited in 35% of cases.
Consumers also cited volatile income (26%), missed payments (21%) and unaffordability (21%) as the top reasons for mortgage reductions.
Shawbrook’s research found that only one in five (22%) of people surveyed used a broker, a finding the lender said is “significantly out of line with the general population”. Similarly, 12% said the lack of access to mortgage advice was a major barrier to home ownership.
However, among those who did use an intermediary, satisfaction was overwhelmingly high. Almost everyone (97%) said brokers helped them identify the right lenders, a further 97% appreciated their specialist knowledge and 95% credited them with simplifying paperwork and administration.
Steve Griffiths, commercial director of residential mortgages at Shawbrook, said: “As financial pressures continue to take their toll, customers’ situations will become increasingly complex.
“Brokers have a critical role to play in this environment by educating customers about the options available and empowering them to seek support when necessary. By doing this, they can help close the gap between financial challenges and financial opportunities.”
Last month Shawbrook confirmed plans to float on the London Stock Exchange, with a potential valuation of £2 billion.