Two thirds of consumers find mortgage process ‘intimidating’

Almost two-thirds of UK homeowners find the mortgage process intimidating, new research by Twenty7Tec has revealed.

The survey of 2,000 UK adults found 40% said deciding which mortgage to get ‘scared them’.

Whilst 37% were kept awake by the mortgage process, while one in five admitted to crying because of it.

The research also found that 28% were fearful of their next mortgage application.

Overall, 59% said they found getting a mortgage an intimidating process, with the figure rising to 79% among those aged 18 to 30.

The survey also found that the found that 78% find the mortgage process find it confusing.

Whilst 49% of respondents aged 61 and over admitting they found it confusing.

Twenty7Tec CEO James Tucker said “For most people, buying a home is their biggest ever purchase and parting with so much money can be a daunting and stressful experience.”

“They want to feel secure in that process, safe in the knowledge that they are making the right decision – and seeking out the advice of a qualified mortgage professional gives you the best opportunity to do just that.”

“With interest rates low at the moment, lenders are offering some incredible deals, and so for many there has never been a better time to consider remortgaging.”