Mortgage Mayhem Subsiding – Low Level Of Worry Amongs…

Mortgage Mayhem Subsiding – Low Level Of Worry Amongs…

A survey by property portal OnTheMarket suggests that only six per cent of home movers are concerned in any way about securing a mortgage to fund the purchase of their next property.

This level has been unchanged over the past month. 

London, the West Midlands and the North West jointly had the highest number of respondents who already had their mortgage Agreement In Principle in place prior to starting their search for a property – 22 per cent. 

The South West had the lowest number of respondents who already had a mortgage Agreement In Principle in place before starting their property search – 15 per cent.

As a UK average, 27 per cent of movers hadn’t considered applying for a mortgage before starting their property search, with buyers in Greater London and the West Midlands the least likely to have considered applying for a mortgage before starting their search for a property – 31 per cent.

As a UK average, 35 per cent of buyers surveyed said that they didn’t need a mortgage in order to purchase a property. 

Greater London had the lowest number of respondents who indicated that they wouldn’t require a mortgage to purchase a property (22 per cent) while the South West had the highest number of respondents who indicated that they didn’t need a mortgage to buy their next home (45 per cent).

Respondents to the OnTheMarket survey are asked to indicate how they feel about raising the necessary funds to purchase their next property by choosing from the following options: 

• I’m very worried
• I’m slightly concerned
• I’m sure it will be fine
• I have a mortgage Agreement in Principle already
• I don’t need a mortgage to buy a property
• I’ve not thought about it 

https://www.introducertoday.co.uk/breaking-news/2023/8/mortgage-mayhem-subsiding–low-level-of-worry-amongst-borrowers

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