Many feel depressed after mortgage rejection
A third (31%) of people who have been rejected for a mortgage felt depressed, according to a survey by specialist mortgage broker platform Haysto.
More than half (53%) felt marginalized, unfairly treated and with a sense of injustice as a result, while 21% said the process had left a long-term negative effect on their mental health.
A third of Britons (35%) believe they couldn’t get a good mortgage offer for themselves, wouldn’t want to go through the stress of applying or are unlikely to apply at all for fear of being rejected.
Paul Coss, co-founder of Haysto and himself an experienced mortgage broker, said: “It is disappointing that the whole mortgage process remains shrouded in misconceptions and confusion, as it has a significant and often unnecessary impact on health. mental.
“Self-employment and poor credit histories are on the rise in the UK, so growing numbers of people applying for mortgages simply don’t fit the traditional eligibility mould. Many are rejected by traditional lenders and online platforms that cannot see past their situation, while others are deterred from applying at all.
“We want to help everyone access the home of their dreams. Even if they’ve been rejected before, there are lenders and brokers who specialize specifically in self-employed people and bad credit mortgages who can help.