According to a recent survey, almost 10% of first-time buyers said that they would never go through the process of obtaining a mortgage again, as they found the experience much too stressful.
The research, undertaken by Trussle, found that thousands of pounds were being wasted by people who had become fearful of going through the mortgage application process. Buying another property was something 13% of respondents said they would not do again, while 9% said that they would not be willing to go through the house buying process a second time.
The anxiety and stress of the process for some people had reduced them to tears, while others were unable to attend work due to having to sort out their mortgage.
Although buying a home can be a stressful process, it is disappointing that so many people are put off the idea by the process. The figure of 9% equates to one million homeowners, who are estimated to be paying an unnecessary £9.8bn between them. This is due to homeowners who find the process stressful, simply moving to the standard variable rate of their lender, rather than remortgaging.
Seeking the assistance of a mortgage advisor as a first step in the process will help to find the most suitable mortgage for an individual’s circumstances. Advisors take CeMAP training courses so that they can develop the knowledge and skills required to guide borrowers in the right direction and ease their stress levels.