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 from Which? Mortgage Advisers.
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.”
Visit mortgageadvisers.which.co.uk for more information.
Notes to editors
● Populus surveyed 2065 UK adults online between 5-6 February 2014. Data was weighted to be demographically representative of all UK adults. Populus is a member of the British Polling Council and abides by its rules. The sample included 507 people who currently have a mortgage.
● Which? Mortgage Advisers are 100% independent and will search the market to find the right deal for all consumers.
● Its advisers will show consumers all the mortgages on offer, even if that means you arranging your mortgage directly.
● Which? Mortgage Advisers are paid a salary and are therefore not influenced by commission.