More than a third of homeowners admitted they had suffered with insomnia, along with other stress-related symptoms, when applying for their mortgage.
Research by online mortgage broker, Habito, revealed as many as two thirds had suffered from anxiety whilst going through the application process and 19% said they were ‘completely overwhelmed’.
In fact, so stressful was the process for one in 20 applicants, they were forced to seek help from a medical professional. This figure soars to one in then for those questioned who were aged between 25 and 34.
It has prompted Habito to launch a helpline to provide those going through the process with support.
Indeed, Daniel Hegarty, founder and CEO of Habito, said the report revealed people were experiencing ‘hellish’ levels of stress and anxiety which can and should be avoided.
According to the survey, contributing factors to this stress included the length of time it took to complete the process, anxiety over eligibility, having to provide private documents as well as the overall expense of getting a mortgage and confusing jargon.
For as many as 34% it led to a level of preoccupation which meant they were worrying about their mortgage application at least once a day.
Habito recruited Dr Alex George, from TV’s Love Island, to help explain a bit more about the anxiety experienced by so many soon-to-be homeowners.
He said he knew all too well how the mortgage process could cause stress and anxiety. “I nearly lost my flat because of an administrative issue and my relationship with my housemate was put under a lot of strain,” he said.
“My advice to anyone about to begin their application is take time to understand the process and inform yourself about what you will need to provide. Speak to family and friends for support and visit a free online mortgage broker, like Habito, who can help get you on the right path.”
For free online mortgage advice, visit Habito.com or dial the Oh Hellpline on 0800 368 9355 for Dr Alex’s hints and tips on how to get mortgage-fit.
