61% of consumers believe that now is not a good time to be looking for a mortgage, according to the latest findings from Project Athena, a collaboration study Pegasus Insight and Mortgage Marketing Forum.
The research highlighted the pressing issues that consumers and brokers alike are facing within the market – and importantly the solutions that can be undertaken to resolve them.
The study showed that rapidly changing rate changes were causing stress and huge inefficiencies for mortgage brokers.
There was a clear change in broker behaviours and attitudes, driven by time constraints and the changing importance of BDMs.
Furthermore, 73% of consumers reported that they have had to make cutbacks on expenditure in light of economic and market conditions.
Mark Long, director at Pegasus Insight, said: “This Study has thrown up so many challenges, issues and solutions for the mortgage market.
“It was clear, for example, that many consumers lack essential knowledge about mortgages, lender decisions, and general economic factors and this has created stress and uncertainty.
“Brokers also spoke about a large pool of consumers who have never experienced interest rate rises before – “Generation Low (GenLow)” – who are struggling to adapt to the changing market conditions”.
Jeff Knight (pictured), director at Mortgage Marketing Forum, added: “We have seen a rapidly changing market in a short space of time. The market has been on the back foot for a long time since the Pandemic began.
“This has led to widespread stress, uncertainty and inefficiencies. The time for change is now and this Study reveals the solutions that mortgage brokers want to see lenders implement.
“Simple, strategic changes are required that will lead to a calmer, more efficient market.”
