The mortgage applications fear is one of Britons’ all-time greatest fears. It is so bad it is ranked more stressful than public speaking or getting dumped by text.

‘Panic’, ‘fear’ and ‘anxiety’ are the words most closely linked to the mortgage applications process.

So says research released by free online mortgage broker Habito.

More than a quarter of homeowners (28%) cited their mortgage application in their top three most stressful life moments.  The result ranks higher than public speaking (22%), losing their phone (19%), a terrible review at work (12%) and getting dumped by text (7%).

Millennials (25-34-year-olds) are the most stressed out and fearful of getting a mortgage.

Why mortgage application fear?

According to Habito, one in 20 millennial homeowners would rather break a bone than repeat the mortgage process.

Asked what they would rather do than apply for a mortgage, 23% of homeowners would prefer to get an injection.  Some 15% would rather have a filling.

Broken down regionally, those in Glasgow were the most stressed by the process, with 36% ranking the mortgage application in their top three stressful moments, followed closely by those located in Southampton and Plymouth (35% each).

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. Thanks to our new and evolving technology combined with human expertise, it really doesn’t have to. We’re pleased to be gradually driving change in an antiquated and archaic industry.”

The survey coincides with Habito’s latest ad dramatising the stressful, jargon-filled world of the traditional mortgage application process.

UK mortgage sector: customers adopt wait and see approach

The UK housing market remains relatively subdued with a decline in activity among both first-time buyers and homemovers in the first half of 2018.

Affordability remains a challenge for many prospective borrowers, underlining the importance of clarity over the future of schemes such as Help to Buy.

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GlobalData expects the recovery in first-time buyer numbers will continue over the next two years, albeit at a slower rate than witnessed in previous years.

The overall economic outlook remains mixed as household incomes continue to be squeezed by rising inflation. GlobalData expects overall activity to grow moderately in 2018, in part a result of the economic uncertainty.

 

Mortgage applications process-top 3 most stressful scenarios

 

Choice % 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%