Mortgage applications are third greatest fear of homeowners, survey finds

October 2018 - Financial Services

Mortgage applications are third greatest fear of homeowners: A nationwide survey of homeowners has revealed insight into how stressful people find applying for a mortgage is, with 28% saying it ranked in their top three most stressful experiences in life.

The only things that were classed as more stressful, according to the poll by free online mortgage broker. Habito, was the death of a pet or losing your job.

Going through a mortgage application was more stressful for homeowners polled than public speaking (22%), losing a phone or special piece of jewellery (19%), a bad review at work (12%) and getting dumped via a text message (12%).

Of all the groups surveyed, Millennials are the most worried about the process of getting a mortgage. When asked what they would rather accept as an alternative activity, 23% said have an injection, while 15% said to visit the dentist for a filling and 5% said they would prefer to get a broken bone than put themselves through the ordeal.

In terms of regions where mortgage fear was most prevalent, Glasgow came top, closely followed by Plymouth and Southampton.

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.”

Biggest fears breakdown:

Potential Fears	% of Brits who list in their top three fears
Being fired from your job	54.10%

Death of a pet	31.95%

Mortgage applications	28.10%

Public speaking	22.05%

Losing something important or expensive (phone, car keys, jewellery, watch)	19.30%

Running late for a flight or important meeting	16.60%

Having a terrible review at work	11.50%

Having lots of deadlines at work	10.15%

Getting dumped via text	7.30%

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