Millennials are making tactical changes to their financial behaviour to help them get on the housing ladder with their first mortgage, according to MoneySuperMarket.

The price comparison site’s latest report indicates that 22% of 18-24 year olds admit to changing their money habits to present themselves as financially responsible, compared to just 9% across all age ranges.

Of millennials that admit to changing their spending habits, 36% would put their spending on a credit card and strive to clear the balance each month, while 18% say they would pay off existing debts in the run-up to a mortgage application to clean up their finances.

61% of 18-24 year olds plan to apply for a new mortgage within two years or less – although the amount they will need to borrow remains high. The report reveals that this is the age group most in need of a high loan-to-value amount, with 44% stating this is the key thing they’re looking for from a lender. That’s 388% higher than the UK average of 9%.

Sally Francis-Miles, money spokesperson at MoneySuperMarket, said: “Anyone planning to apply for a mortgage will look to rein in their spending habits before submitting their application, especially first-time buyers who are new to the process.

“Since the FCA’s Mortgage Market Review introduced new affordability criteria in 2014, it’s harder to be accepted for a mortgage, even if you know you can comfortably afford the repayments. There is more emphasis on being able to pay if rates increase, which is what catches many people out.

“So while the rules were introduced for the right reasons, we don’t want to see people being turned down unnecessarily.”