MPowered Mortgages has unveiled the results of a new survey which reveals what worries borrowers the least and the most about the mortgage process.
The survey revealed that being able to afford a mortgage is not a major concern for borrowers. A mere 8% of borrowers worry about the long-term financial burden of getting a mortgage, according to the brokers surveyed. Market data suggests that owning a property is becoming a reality for more and more people with net mortgage approvals jumping to an increase of 66,500 in December 2024.
However, whilst affordability is less of a concern, 69% of brokers said borrowers were concerned with not knowing where they stand with their mortgage offer and 20% pointed to timeframes and delays. Brokers said only 12% of borrowers were happy with the current mortgage process.
Brokers said borrowers' top four pain points of getting a mortgage were excessive paperwork and admin, the stress of balancing life commitments, slow offer timeframes and a lack of transparency from lenders.
Brokers have similar worries to 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% said lender communication and 10% said inaccurate documentation, with only 9% saying it was losing clients to a competitor.
Stuart Cheetham, CEO of MPowered Mortgages, commented: "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. 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. 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.”
