The latest research has found that two thirds of people across the UK who have applied for mortgages are suffering from problems with anxiety and stress as a result of the turbulent market.
This research was conducted by Market Financial Solutions (MFS) and involved surveying 2,000 mortgage applicants from all parts of the country. The results show that 64% of the people who have put in applications for mortgages over the last year experienced anxiety and stress issues during the process. The situation was most severe among those trying to buy their first homes, with 80% of them reporting problems of that kind.
The study also discovered that around two thirds of people who are applying for mortgages use the internet to look for lower rates once every week at the minimum. 50% of the people surveyed said that the loan they wanted to apply for had been scrapped by the lender before they were able to complete the process.
The chief executive of MFS, Paresh Raja, told Mortgage Strategy that the market was becoming a lot more difficult for borrowers due to rate rises and frequent product withdrawals.
He then went on to add that:
“Borrowers clearly need more support in the current climate. To that end, we can see that most are turning to brokers who can help them locate the best products for their needs.”
Advisors who have the CeMAP qualification should promote their ability to help ease the stress of finding and applying for mortgages.