Just 19% FTB applications accepted on first attempt: Aldemore
By
Roger Baird
30
th April 2021
10:21 am
Just under one in five first-time buyers secured a mortgage on their first attempt last year — tumbling from a rate where almost half of new home buyers had their initial application accepted in the year before the pandemic, according to Aldermore.
Just 19% of FTBs were accepted for a mortgage on the first attempt in 2020, says the challenger bank’s First Time Buyer Index.
This compares with 48% of newcomers who were able to get onto the property ladder at the first time of asking in the bank’s report the year before the health crisis hit.