London’s first time-buyers most afraid of mortgage application

John Hewitt Jones

August 17, 2016

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.”

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