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Two-fifths of buyers had their purchase fall through due to mortgage delays
Getting a mortgage is still ‘stressful’ and ‘too slow’ according to borrowers
Two fifths of UK homeowners (38%) have had a property purchase fall through due to mortgage delays, according to research from Butterfield Mortgages.
The lender found that over half (52%) of borrowers believe the process of securing a mortgage is too slow, and over two-thirds (69%) consider it stressful.
Lenders lack flexibility
Six in 10 borrowers think that mortgage lenders lack flexibility when assessing applications while 48% feel lenders do not care about their customers once the loan has been delivered.
The 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.
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.
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“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.
“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. Making such improvements will not only improve support for homebuyers, but it will also rebuild trust with mortgage customers.”