Modern life throws mortgage lenders
Young homebuyers struggle to get mortgages because lenders are hopelessly out of touch, a specialist lender has claimed.
They are being turned down because they do not live or work in traditional jobs or homes.
Well over half of applicants were denied loans – 57% – because they didn’t fit the mould of traditional buyers.
They included the self-employed, those on contract work and others looking to buy converted homes or high rise flats.
“The world has changed,” said Mr Peter Ball, CEO of specialist lender Together.
“People’s pay, working patterns and pensions have altered beyond all recognition from 30 or 40 years ago.
“Even where they live, who they chose to live with, or the type of property they want to buy, is vastly different from a generation earlier.
“What was previously thought to be normal life doesn’t exist anymore.”
The survey reveals that 12% were denied because of the type of job they were in.
One in ten were turned down because their dream property was considered “non-standard”.
That meant anything from a barn to a high-rise flat.
Self-employed workers have soared by 25% in the past decade to 4.8million people.