Survey reveals nearly 70% of 25–34-year-old FTBs have hidden money habits from partners

The pressure of getting onto the property ladder may be driving some UK first-time homebuyers to extreme lengths, with over a quarter of first-time buyers admitting to concealing their true financial habits from partners and family members to improve their chances of securing a mortgage.

According to new research by online mortgage broker, Mojo Mortgages, examining sentiment in UK first-time buyers, 26% of buyers have actively downplayed their daily spending habits during the mortgage application process. Tactically deleting betting apps, discreetly stashing luxury shopping bags, and pausing regular discretionary spending have become common strategies for hopeful property owners attempting to present flawless bank statements to lenders, and loved ones.

Secret Accounts and Unspoken Debts

The findings reveal that financial secrecy goes beyond minor day-to-day tweaks. Exactly 25% of respondents confessed to keeping a completely secret savings account hidden from their partner or family. While these hidden reserves are often built to ensure a personal safety net or boost deposit funds, other hidden financial details pose greater risks.

Nearly one in five (18%) admitted to hiding existing debts, including credit cards and personal loans, from their partner or family member. 13% of respondents admitted to lying about their actual salary or bonus structure to present a stronger financial profile.

"While it is understandable that buyers want to present the cleanest possible financial footprint to mortgage underwriters, keeping significant financial secrets, such as undisclosed debt or secret accounts, from a buying partner can build a shaky foundation for long-term financial health. Honest communication is vital when entering into one of the largest financial commitments of your life," states John Fraser-Tucker, Head of Mortgages at Mojo Mortgages.

Generational Trends and Gender Differences

The demographic breakdown reveals a stark generational divide. Young adults aged 25 to 34 emerged as the age group most likely to keep financial secrets, with 68% admitting to hidden money habits. Almost a third (30%) of this cohort admitted specifically to downplaying or hiding discretionary spending during the buying process.

In contrast, older generations displayed far higher levels of financial transparency. Buyers aged 55 and over were the least likely to harbour secrets, though just under 55% still admitted to some form of discreet financial management.

Summary of Top 'Money Secrets' Kept by Homebuyers

Gender Differences in Financial Secrecy

The study also highlighted a notable gender gap in money transparency. Men proved more secretive overall, with 64% of male respondents acknowledging at least one financial secret, compared to 59% of women. 

"Honesty really is the best policy when applying for a mortgage, both between partners and with your mortgage broker," states Fraser-Tucker. “Hiding debts or overstating income can lead to severe delays, unsuitable products, or even declined applications, whereas total transparency allows your broker to match you with the best possible deal for your actual circumstances.

“That being said, if you find yourself managing finances alongside a partner who is financially unstable or reckless, holding back a personal emergency fund isn't just understandable, it's smart planning. Never stretch yourself so thin that you pour every last penny into a property without keeping an independent rainy-day fund to protect your financial safety."

You can read more from the Mojo Mortgages First-Time Buyer Sentiment Survey online.