CORPORATE high-flyers making more than half a million pounds per year are being knocked back for mortgages, a new report has found.

Data, shared with City A.M by financial services firm Investec showed 90 per cent of executives, finance professionals and entrepreneurs have had mortgage applications rejected, despite making upwards of £510k a year.

Some 37 per cent of respondents said the reason was because the size of the loan-to-value ratio (LTV) they requested was too big, while a third were told it was because they are paid in a foreign currency.

More than a quarter said they were told they had a limited credit history in the UK, while 20 per cent said the nature of their employment, such as being a partner in their firm, was a reason for rejection.

Siobhan Sames, private banking team lead at Investec, said: "Both high-earning professionals and successful entrepreneurs will often struggle to secure the mortgages they want from conventional mainstream lenders due to the complexity of their incomes."

(c) 2024 City A.M., source Newspaper