Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Survey: 88% of Borrowers Find Mortgage Applications Stressful

A recent survey by Boon Brokers has found that 88% of borrowers in the UK experienced stress during their most recent mortgage application. Lenders were identified as the main source of stress by 44% of respondents, with other parties such as surveyors and brokers also cited.

The survey revealed that 45% of borrowers described their mortgage application experience as 'very' or 'extremely stressful'. While lenders were the most commonly cited source of stress, 25% of respondents pointed to surveyors, and 23% to mortgage brokers.

The most stressful part of the mortgage process for 29% of borrowers was waiting for lender approval. Finding the best mortgage deal was the next most stressful aspect, as reported by 28% of respondents. Other significant stressors included proving income (21%) and unexpected document requests (17%).

Borrowers' experiences varied by age and region. Those aged 18-24 were over three times more likely to attribute stress to their broker, while over-65s were most likely to cite their lender, at 62.1%. Women reported higher overall stress than men, with 50.6% of women and 37.8% of men indicating high stress levels. However, women were less likely to attribute stress to lenders compared to men.

Regionally, 48.2% of borrowers in the South East cited lenders as the main source of stress, the highest of any region. Southampton had the largest number of borrowers in the South who cited lenders, while in the North, 30.5% of borrowers pointed to brokers as the main cause of stress. Norwich had the highest proportion of respondents naming brokers as the main reason for stress, at 38.7%. In Northern Ireland, more than half of borrowers cited surveyors as the main source of stress, more than lenders or brokers.

Boon Brokers noted that borrower stress is often caused by multiple issues or stages during the mortgage application process. The firm suggested that setting clearer expectations and helping borrowers understand lender requirements before submitting an application could help reduce stress.