Nearly seven in 10 (69%) mortgage applicants have said that brokers are essential for navigating the current market, the latest research from Market Financial Solutions (MFS) has found.
The research by the specialist lender found that nearly half (47%) of those surveyed think that lenders should be providing enough support and communication about product changes, with just over a third (35%) of applicants stating they believe the Government is doing enough to calm the mortgage market as rates rise.
Following the turbulent nature of the mortgage market in the past 12 months, the survey of 2,000 UK adults found that nearly two-thirds (64%) said they have struggled with stress or anxiety as a result of the mortgage application process, with this figure rising to 80% among first-time buyers applying for mortgages.
The MFS research found that 66% of mortgage applicants search online at least once a week to uncover the best mortgage rates, with 50% of those who have applied for a mortgage since 1 July 2022 seeing their desired product withdrawn by a lender during the application process.
Chief executive officer at MFS, Paresh Raja, 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.
“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.”
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