Less than one in 10 borrowers (8%) are worrying about the long-term financial burden of getting a mortgage, a broker study from MPowered Mortgages has found.

The digital mortgage lender described the figure as “reassuring”, given 1.8 million people are due to remortgage this year, according to UK Finance figures.

MPowered’s research was based on a survey of 398 mortgage brokers, and while it suggested that affordability is not currently a concern for borrowers, 69% of brokers said a concern borrowers do have is not knowing where they stand with their mortgage offer.

The survey revealed that brokers have similar worries for their clients when it comes to the mortgage process. When asked what their number one worry was, 54% said it was delays in processing, 24% cited lender communication, 10% worried about inaccurate documentation, and 9% said it was losing clients to a competitor.

“Getting a mortgage can be an arduous and time-consuming which involves gathering extensive documentation, navigating credit checks and meeting strict eligibility criteria,” CEO of MPowered Mortgages, Stuart Cheetham, said.

“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.

“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.”

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