Many of those who are hoping to buy a property through the Help to Buy scheme remain unaware of what the process requires of them.
The figures reveal that only 40 per cent of aspirant first-time buyers are registered on the electoral roll at their current address – a key factor in passing initial identity verification checks, in addition to ensuring an accurate credit report, according to Experian.
Furthermore, one in four potential applicants has never reviewed their own credit report, while one in seven concede they have managed their current credit accounts poorly over the last few years.
Peter Turner, managing director of Experian Consumer Services, said: “It’s important to remember that the deposit is only part of the equation and consideration must be given to how much you can afford to borrow – and, crucially, repay in the years to come.”
The government initiative is especially popular with younger buyers, as nearly two-fifths (39 per cent) of all 20 to 40-year-olds surveyed are intending to apply for the Help to Buy scheme. Figures show that one-third of those interested are aged between 20 and 24, while 31 per cent are 25 to 29-years-old.