Londoners are the most confused and stressed about mortgages in the UK, research from YouGov and digital mortgage broker Habito reveals.
In a poll of 4000 people conducted across the UK, 65% of Londoners were terrified by the prospect of applying for a mortgage, compared to 54% in the north, 59% in the midlands, 53% in the east, and 50% in the south.
More than half of first-time buyers think applying for a mortgage is too hard but are reluctant to seek professional help at the outset.
A lack of trust in professionals and the market is preventing millions from securing an affordable mortgage deal. Up to 42% of first-time buyers chose to seek advice from friends and family with only 4% opting to trust a mortgage broker.
Daniel Hegarty, chief executive and founder of Habito, said: “Post-Brexit fearmongering has just made the landscape more confusing for homebuyers.
“Whilst we’re in for a bumpy few years as the market finds its feet again, interest rates are at historic lows, so now is a great to time to be looking at your mortgage options.
“The real problem is that people are afraid of their finances and finding the right mortgage product is like finding a needle in a haystack. But it’s time to stop burying our heads in the sand, as the experience doesn’t have to be terrifying if we’re willing to take control of our finances.”