Only 8% of consumers are worried about the long-term financial burden of a mortgage, according to a recent survey from MPowered Mortgages.
The survey found rising incomes supported housing affordability, with net mortgage approvals increasing by 66,500 in December 2024.
However, the unclear status of mortgage offers concerned 69% of brokers, while 20% cited timeframes and delays as issues.
Only 12% of borrowers were satisfied with the process, brokers said.
The survey identified paperwork, balancing life commitments, slow processing times, and a lack of transparency as key frustrations.
The survey also found brokers shared similar concerns, with 54% worried about processing delays, 24% about lender communication, and 10% about inaccurate documentation.
Only 9% worried about losing clients to competitors.
Stuart Cheetham, CEO of MPowered Mortgages, said: “Getting a mortgage can be an arduous and time-consuming which involves gathering extensive documentation, navigating credit checks and meeting strict eligibility criteria.
“This new survey reveals that borrowers are quite simply fed up with the mortgage process.
“It’s no wonder that our recent consumer survey* showed that speed was important to 80% of borrowers in the mortgage process.”
Cheetham added: “Reduced stress,” “time efficiency,” and “faster access to dream homes” were the top benefits of getting a speedy mortgage offer according to consumers we surveyed.”
“In the worst case scenario, delays in the mortgage process can cost a consumer their dream property or in some instances, the best rate on offer to them, costing them potentially thousands of pounds.
“Losing the property of your dreams can be very disheartening, especially when you have invested so much time and energy in finding and trying to secure a property.”
He said: “Sometimes this is due to unforeseen circumstances for example a buyer pulling out of a sale but at other times it’s merely because the process just doesn’t move fast enough.
“Lenders need to remove the admin burden on borrowers because buying a home in itself is stressful enough.”
