They have created a helpline for those applying for a mortgage following research which found borrowers were finding the process stressful and a burden.
A spokesperson for Habito said: “Habito partnered with Dr Alex as he had recently had troubles himself with his mortgage application and knew all too well about the stress related symptoms that manifest.
“As a healthcare professional, he’s concerned about mental health. This therefore felt like a natural fit.”
Time critical
The survey of 2,000 mortgage holders, conducted by One Poll, found two thirds (67%) of respondents had suffered from mortgage application-related anxiety.
The top five reasons for causing stress were the length of time (61%), not knowing about being accepted or rejected (46%), supplying many documents (43.5%), the expense (43%) and financial jargon (39%).
Sleeplessness (35%), mood swings (30%) and more arguments with partners (20%) were the most commonly reported symptoms.
Others included feeling overwhelmed by the process (19%), feeling sad throughout (16%), snapping at family (12%) and friends (6%) and decreased libido (5%).
Overall, 34% said they worried about their mortgage application at least once a day – the survey added.
Industry short-changing customers
Habito founder and CEO Daniel Hegarty said: “Our report into mortgage stress is a sobering reminder that the mortgage industry is still short-changing customers on far too many levels.
“Our findings show that people are experiencing hellish levels of stress and anxiety, which can and should be avoided. According to the results, length of time was the number one driver of stress.”
Dr Alex George added: “As a recent first-time buyer, I know all too well the stress and anxiety that a mortgage process can cause.
“I nearly lost my flat because of an administrative issue and my relationship with my housemate was put under a lot of strain.
“My advice to anyone about to begin their application is take time to understand the process and inform yourself about what you will need to provide.”
He added that family and friends could also be vital for support.
