A new survey has revealed that one in three people think it will be harder to secure a mortgage following the Brexit vote.
According to specialist lender Together, 32% of people questioned about the mortgage process said they are worried they will face more stringent credit checks following the UK’s decision to leave the EU.
The findings also showed that 31% of those questioned are concerned they will not be able to borrow as much from their high street lender.
Together surveyed 2,000 consumers across the UK to understand their views on the impact of Brexit on their personal finances and found that whilst the outlook for the property market was positive overall, consumers were concerned that they would find it more difficult to access finance.
The biggest worry for consumers (60%) following the UK’s decision to leave the EU is cost of living followed by job security (30%).
Despite the initial uncertainty in the property market prompted by Brexit, only a quarter of those surveyed were concerned that property prices could fall.
Pete Ball, chief executive of retail at Together, said: “Our survey confirms that there’s still uncertainty in the wake of Brexit, with the cost of living the biggest concern, but the majority of people still have confidence in the value of their property.
“As national data has shown, house price growth has not abated, whilst recent debates on property versus pensions have reignited the discussion on where it’s safest for consumers to invest their money. With leading economists advocating the former as the best bet, this attitude is likely to buoy the market moving forward, despite the reported slow-down seen in July.”
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