The dream of getting a foot on the property ladder – one of life’s most momentous occasions – is actually one of life’s most stressful events, according to research from Which? Mortgage Advisers.
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The process of buying a house topped the stress list at 91% above other major milestones including having a child, changing jobs and retiring from work.
In spite of Government initiatives such as Help to Buy helping first-time buyers onto the property ladder, many are unprepared for how long the house-buying process will take. Moving day and finding the right house were identified as two of the most demanding moments closely followed by securing the right mortgage, with three-quarters of people saying they think it is stressful.
Consumer trust in the mortgage industry is low with just a quarter of people with mortgages saying they trust the industry to act in their best interests. Over-complicated language and terminology is also a problem for consumers, with over half saying they found all the language and terminology used in the process of arranging a mortgage confusing.
Seven in 10 people with a mortgage want to see the process of arranging a mortgage simplified, which is how a dedicated mortgage adviser can help.