The latest survey of mortgage borrowers in the UK has found that nearly 40% of them have lost out on purchasing a property because of the time it took their mortgage lender to process the application.
In total, 38% of the borrowers that took part in this Butterfield Mortgages survey indicated that deals had collapsed for that reason. Furthermore, over 50% of the 700 people that it spoke to for its survey said that they felt that the process of getting a loan was too lengthy and drawn out.
Another 69% told the survey that they had been stressed out by the process of getting a mortgage. This marks the second piece of research in recent months that found borrowers were struggling with this process, as a Moneybox survey produced similar findings.
According to Mortgage Introducer, the Butterfield Chief Executive Alpa Bhakta told FT Adviser that:
“The research has uncovered concerns among mortgage customers with the levels of efficiency and customer care they are receiving from lenders, which should serve as a clear call to action for mortgage providers across the UK.”
Bhakta went on to say that lenders needed to demonstrate that they could be more open and flexible with those who are applying for mortgages, with the housing market being as tough as it currently is in the wake of the pandemic.
This research also shows once again that advisors with CeMAP course training and intermediaries are absolutely vital to helping borrowers navigate the market and lending processes without losing out.