If you have ever uttered the words “arranging my mortgage was a stressful experience”, you are not alone.
In a recent survey by Habito, a UK online mortgage broker, it was found that 20% of millennials rated getting a mortgage in their top three worst fears and, wait for it, out of the 2,000 people surveyed, 20 of them said they would rather break a bone than go through the experience again.
In another survey by Trussle, again a UK mortgage provider, ¼ of respondents found mortgage deals confusing and almost 30% said they did not fully fully understand whereabouts they were in the process.
Those sentiments are reflected on this side of the pond as well. A famous TV advert from around a decade ago caught the nations mood brilliantly in that regard. In the commercial we see a young man looking slightly agitated as he journeys home aboard a double-decker bus. He slowly stands up from his seat and announces “I don’t know what a Tracker Mortgage is”.
It was an ad from The Financial Regulator and it was very prescient.
The stress and confusion can not only be distressing, but financially damaging.
Figures show that many who are confused or put off applying for a mortgage then sit on a standard variable rate when their initial deal ends.
Is not all ‘gloom and doom’ it must be said. Technology is easing the burden for many. You can get so much done from the comfort of you own home – online.
And may we suggest you begin that process by logging onto to the Citizens Information site below. You will get practical impartial. advice on almost everything you need to know about the mortgage process.