A quarter of UK adults admit they have no idea when they would be ready to apply for a mortgage, according to new research from The Mortgage Lender (TML). 

Looking at what consumers think makes them ready to apply for a mortgage, having a steady and secure income came top (27%). This was closely followed by being in full-time employment (26%).

From the survey, 23% said saving enough for a deposit meant they knew they were or are ready to apply for and secure a mortgage. 

Other factors consumers felt they needed to be mortgage ready included having a good enough credit score (18%), having no debt (17%), and having a partner that earned enough (14%). Only 11% said they knew they were ready because they had spoken to a mortgage broker. 

TML also asked consumers to imagine that if they had a deposit sorted, how long they thought it would take to be ‘mortgage ready’.

Of those surveyed, 12% said it would take them over one year to be ‘mortgage ready’, while 10% said they would be mortgage ready right now.  

However, 13% admitted they did not know how long it would take them to be mortgage ready. And with 17% of consumers admitting they have had a mortgage application rejected before, it raises questions as to whether people are fully prepared as they enter the mortgage process. 

TML distribution director Sara Palmer comments: “There are many steps to the mortgage process, both from a consumer and a lender perspective, and to help the process run as smoothly as possible it’s important all parties are confident they are fully ready when it comes to an application.  

She adds: “This is particularly the case as it becomes more challenging to get onto or move up or down the property ladder.”  

“A mortgage broker or lender can play an important role in helping consumers understand what is needed to be mortgage ready, and there are benefits to reaching out to them early”.