Over half of Brits think the time it takes to apply for a mortgage is too long and should be reduced, according to a survey published by would-be digital mortgage provider BlueZest.
Around 49% of Brits believe applying for a mortgage takes too much time, with 44% reporting their application took over a month.
Over half (56%) felt the process requires innovation and should be digitised, according to the study.
Russell Gould, BlueZest chief executive, said: “Applying for a mortgage is a notoriously laborious task that most of us are resigned to as a necessary evil.
“The results of this research reflect the notion that we’ve heard time and time again in our conversations with homeowners, intermediaries and business owners. Applying for a mortgage takes too long, it’s too complicated and it’s highly stressful.”
Around 24% of those asked found the mortgage application process more stressful than the actual house move, starting a new job or going through a divorce.
Gould added: “Delays are caused by outdated, manual processes and lots of ‘paperwork’ and it was from frustration with current archaic practices like these that BlueZest was born. We aim to introduce a digital alternative supported by an online application process that enables us to make a mortgage decision in under 30 minutes.”