" Buying a home and getting a mortgage shouldn’t incite feelings of stress or extreme panic."
In a survey by online mortgage broker Habito, more than a quarter of homeowners (28%) cited their mortgage application in their top three most stressful life moments, coming higher than having a terrible review at work (12%), public speaking (22%), getting dumped by text (7%) and even losing their phone (19%).
The research found that millennials (25-34-year-olds) were the most stressed out and fearful of getting a mortgage, with getting fired from their job ranking as the only thing more worrying. Shockingly, one in 20 homeowners in this age bracket would rather break a bone than go through the mortgage process again.
When asked what they would rather do than apply for a mortgage, 23% of British homeowners would prefer to get an injection, 15% would rather have a filling and 9% would prefer to get chased by a terrifying clown.
Broken down regionally, those in Glasgow were the most stressed by the process, with 36% ranking the mortgage application in their top three stressful moments, followed closely by those located in Southampton and Plymouth (35% each).
Daniel Hegarty, founder and CEO of Habito, said: “The findings show just how hellish and feared the mortgage process has become. Buying a home and getting a mortgage shouldn’t incite feelings of stress or extreme panic. Thanks to our new and evolving technology combined with human expertise, it really doesn’t have to and we’re pleased to be gradually driving change in an antiquated and archaic industry.”
