Mortgage Process Ranked In Top Three Most Stressful Situations
A study, by free mortgage broker Habito, in to triggers of stress has ranked acquiring a mortgage amongst the most stressful activities.
Unsurprisingly, Millennials aged between 20 and 34 were the most stressed by the thought of the mortgage process. This sector of society are already finding the saving process for a mortgage unbelievably difficult; the report also highlights that this anxiety does not dissipate once they have saved the necessary money, if anything the process exacerbates and heightens their fear as they would rather break a bone than go through the mortgage application process again.
Overall, the research shows that 28% of people placed the mortgage process firmly in their top three most stressful moments. The negative feelings generated from mortgage applications supersede the 12% that viewed a terrible review at work as unbearable.
The 22% of respondents that find public speaking a horrific prospect were also overwhelmed by the dreaded mortgage process. 7% would rather be dumped by text and 19% would also find parting with their phone as the stress to end all stressful situations.
The only things to top the mortgage application were being fired from a job at 54% and the death of a pet at 32%.
People were also extremely creative in their consideration of what would be preferable to completing a second mortgage application process. 23% of respondents would rather get an injection, 15% would brave the dentist’s chair and suffer a filling, and 9% of our strange nation would rather be chased by a terrifying clown than go through the mortgage process.
Daniel Hegarty, founder and CEO 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.”
Whilst the mortgage process needs to be thorough, buyers need to understand the process, be kept informed and be treated with a bit more humanity by lenders moving forward as being stuffed in a chair with a light beaming in your eyes whilst a strange human persistently places their hands in your mouth should not be a preferred choice to something that should be one of the best moments in your life.
Should more be done to ensure buyers enjoy the mortgage process? What is the role of the conveyancer in this process?