We all know buying your home is stressful and it seems everyone concerned with it adds their own problems. Estate agents, sellers, lawyers, mortgage brokers, mortgage lenders, valuers but they can really cause problems for a traditional buyer.
The good news is that if you are a prospective Joint Equity Resident Partner we, and our team of experts, are here to help and we have done in loads of times so we roll over hassles, we lower hurdles and we smooth the path into your home.
So what did the survey find?
One in four (25%) borrowers say they found the traditional mortgage application process to be stressful, while 5% felt compelled to complain to their lender or broker about the service they received, according to research from Trussle, the online mortgage broker.
Close to one in ten (8%), or about 27,000 homeowners admit they were reduced to tears while attempting to secure their first mortgage.
While 23% were forced to take time off work to make arrangements for their first mortgage. Applied to last year’s 338,000 first-time buyers, this equates to 77,740 people taking a day off in 2016.
The negative experience so often associated with securing a mortgage is also leading to inertia among current borrowers. One in ten (9%) respondents, the equivalent of a million people, say they’ve been discouraged from switching mortgage by their experience of being a first-time buyer, while for 13%, it’s actually discouraged them from moving home.
Ishaan Malhi, CEO and founder of Trussle, commented: “Buying a home is one of the biggest milestones in someone’s life and should be remembered with fondness, but for so many, it’s an ordeal they’d rather forget. A lot of it comes down to the stress and inconvenience of the mortgage application process. It’s therefore understandable that so many people are reluctant to think about their mortgage when the time comes to switch, but the sad result is that homeowners are collectively losing billions of pounds a year.
“The good news is that things are improving, if in pockets. We’re already seeing dramatic progress in the mortgage customer experience, with the use of technology speeding up and simplifying the whole process. This in turn should help to address some of the causes of the inertia costing homeowners so much money.”
Joint Equity can help
This survey is supported by our own informal survey when we asked what you did not like about the buying process click here for more.
While Joint Equity cannot remove all the problems, as you still have to work with mortgage lenders, our mortgage brokers, who are experienced with the Joint Equity process, will help you over every hurdle, easy to talk to, know how important this is to you and will smooth the way in to your new home.