Butterfield Mortgages found that 51% believe the process of securing a mortgage is too slow, while 69% consider it a stressful experience
Almost two-fifths of homebuyers have lost out on an agreed property deal because of delays in the mortgage lending process, a new study shows.
Butterfield Mortgages found that these mortgage delays were increasingly creating problems for buyers with many experiencing a property purchase fall through due to the hold up in securing finance.
The mortgage lender commissioned an independent survey of 690 UK mortgage customers. It found that just over half of respondents – 51% – believe the process of securing a mortgage is too slow, while the majority – 69% – consider it a stressful experience.
Butterfield Mortgages’ study highlighted the value mortgage customers place on having the support of a good lender, with two-thirds – 65% – believing it is key to succeeding in the competitive market.
The study also revealed a desire among borrowers for more flexibility from lenders, with 59% saying mortgage providers rely too heavily on strict and rigid criteria when assessing applicant’s eligibility.
The research also revealed that almost half – 48% – of mortgage customers believe lenders do not provide adequate support to borrowers once the loan has been delivered.
Alpa Bhakta, CEO of Butterfield Mortgages, said: The research has uncovered concerns among mortgage customers with the levels of efficiency and customer care they are receiving from lenders, which should serve as a clear call to action for mortgage providers across the UK.
Positively, the research shows that borrowers can see true value in having the support of attentive lenders they can rely on to help navigate the complexities of the property market, she said.
She said: As we emerge from the pandemic and buyers face a competitive market, there is evidently a need for greater flexibility and better communication – with prospective borrowers and existing customers alike.