The mortgage application process is one of life’s most stressful moments for more than a quarter of homeowners, online mortgage broker Habito has found.
The mortgage application process is one of life’s most stressful moments for more than a quarter of homeowners, online mortgage broker Habito has found.
Some 28% said the application was in their top three most stressful life moments, coming higher than having a terrible review at work (12%).
As a fear it also topped public speaking (22%), getting dumped by text (7%) and even losing something important like a phone or keys (19%).
Millennials (25-34-year-olds) were the most stressed out and fearful of getting a mortgage, with getting fired from their job (54%) and the death of a pet (32%) ranking as the only things more worrying.
Daniel Hegarty, founder and chief executive of Habito, said: “The findings show just how hellish and feared the mortgage process has become.
“Buying a home and getting a mortgage shouldn’t incite feelings of stress or extreme panic. Thanks to our new and evolving technology combined with human expertise, it really doesn’t have to and we’re pleased to be gradually driving change in an antiquated and archaic industry.”
Shockingly, one in 20 homeowners in this age bracket would rather break a bone than go through the mortgage process again.
When asked what they would rather do than apply for a mortgage, one in four British homeowners (23%) would prefer to get an injection, 15% would rather have a filling and one in ten (9%) would prefer to get chased by a terrifying clown.
Broken down regionally, those in Glasgow were the most stressed by the process, with 36% ranking the mortgage application in their top three stressful moments, followed closely by those located in Southampton and Plymouth (35% each).
Homeowners also found the mortgage process more stressful than Running late for a flight or important meeting (17%) and having lots of deadlines at work (10%).
