Homebuyers pessimistic about mortgage approvals

This figure rises as high as 38% for first-time buyers, but despite potential borrowers’ worries a third (32%) have neglected taking any action to improve their chances.

Only one in five (19%) has seen a financial adviser and just 27% plan to despite the fact that more than four in five (81%) applications are approved first time using an adviser.

Karen Barrett, chief executive of unbiased.co.uk, said: “So many people aren’t confident they’ll have a mortgage approved, and yet aren’t doing anything to increase their chances.

“Getting professional mortgage advice can make a huge difference to the process – from finding the best deal for your individual circumstances to planning specific steps to make you a more attractive candidate to a lender.

“Merely hoping for the best isn’t enough. The confidence that comes from having spoken to an expert can turn a potential refusal into a smooth and stress-free purchase.”

The most common steps taken to improve the chances of mortgage success are checking credit ratings (28%) and making a detailed analysis of outgoings (25%).