According to research from Market Financial Solutions, which surveyed 2,000 adults, around 64 per cent said they had struggled with stress or anxiety due to the process, rising to around 80 per cent for first-time buyers.
Two thirds of mortgage applicants said they had searched online at least once a week to try and find the best mortgage rates.
Approximately half who have applied for a mortgage said that their desired product had been withdrawn by a lender during the process.
Just over a third thought that the government was doing enough to “calm the mortgage market”.
Around 47 per cent thought lenders should be offering more support and communication about product changes, and the majority, 69 per cent, said that brokers were “essential” for navigating the mortgage market currently.
Paresh Raja, CEO of MFS, said: “The mortgage market has become far more complicated to navigate over the past year or so. Not only are rates going up but there are regular product withdrawals from high street lenders. Our research shows the toll this is taking, most notably with elevated levels of stress and anxiety among mortgage applicants.
“Borrowers clearly need more support in the current climate. To that end, we can see that most are turning to brokers who can help them locate the best products for their needs. Lenders can also help matters by providing much-needed assurance to borrowers – they can do this through transparent services, communication and endeavouring to hold products and rates wherever possible.”
