A new survey by Moneybox reveals that one third of those borrowing to buy a home find the process of completing the purchase to be much more difficult and stressful than expected.
This survey saw Moneybox speak to 1,500 people from around the country who have bought – or are in the middle of buying – a home. Three out of every 10 stated that the overall process of getting a mortgage and completing the purchase was more complex than they had thought it would be. 32% of those surveyed indicated that they had felt overwhelmed while they were going through it.
A further 32% stated that having more information would have made the buying process feel less stressful, with one out of every five telling Moneybox that they felt they should have gone to a mortgage advisor for help.
Among the reasons given for the strain were: being outbid for their chosen home (15%), waiting for completion confirmation (38%) and delays in the submission of files by solicitors (37%).
Speaking to Mortgage Solutions, Cecilia Mourain from Moneybox said that the results clearly showed that what should be a happy time was actually an anxious one for many:
“However, these findings show that more needs to be done to help people understand what to expect as well as practical measures to support them navigate their home-buying journey, which can be very complex and time-consuming.”
Advisors with the CeMAP qualification should be promoting their services as a way of reducing buying stress.