The turbulent nature of the mortgage market over the past year has led to stress and anxiety among UK borrowers, research from Market Financial Solutions (MFS) has revealed.
The specialist lender surveyed 2,000 adults and found that, of those who had applied for a mortgage in the past 12 months, 64% struggled with stress or anxiety because of the process.
Among first-time buyers applying for mortgages, the figure rose to 80%
Two-thirds (66%) of mortgage applicants searched online at least once a week to find the best mortgage rates available.
Half (50%) of those who had applied for a mortgage since 1st July 2022 saw their desired product withdrawn during the application process.
MFS’ research also found that only 35% of mortgage applicants thought the Government was doing enough to calm the mortgage market.
Further, 47% thought lenders should be providing support and communication about product changes, with the majority (69%) of mortgage applicants saying that brokers are essential for navigating the current market.
Paresh Raja, CEO of MFS, said: “The mortgage market has become far more complicated to navigate over the past year or so.
“Not only are rates going up but there are regular product withdrawals from high-street lenders. Our research shows the toll this is taking, most notably with elevated levels of stress and anxiety among mortgage applicants.”
He added: “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.
“Lenders can also help matters by providing much-needed assurance to borrowers – they can do this through transparent services, thorough communication and endeavouring to hold products and rates wherever possible.”
