Which? Mortgage Advisers has revealed that buying a house is viewed as one of the most stressful life experiences, with nine in 10 people considering it taxing.
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 we recently conducted.
The process of buying a house topped the stress list at 91%, above other major milestones including having a child (81%), changing jobs (87%) and retiring from work (43%).
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 (87%) and finding the right house (80%) were identified as two of the most demanding moments closely followed by securing the right mortgage, with three-quarters (73%) of people saying they think it is stressful.
Consumer trust in the mortgage industry is low with just a quarter (25%) 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 (52%) saying they found all the language and terminology used in the process of arranging a mortgage confusing.
Seven in 10 (68%) people with a mortgage want to see the process of arranging a mortgage simplified, which is how a dedicated mortgage adviser can help.
To help guide people through the process, Which? Mortgage Advisers offers a handy mortgage calculator for people to work out how much they can borrow. Our independent, friendly advisers are on hand to help take the stress out of applying for a mortgage guiding people through the process step by step.
Mike Lawton, Managing Director of Which? Mortgage Advisers, said:
“Buying a house should be a happy occasion, but many people say it’s more stressful than having a child or changing jobs. At Which? Mortgage Advisers, our independent advisers are on hand to help ease the headache of home buying and find the right mortgage for you.”