Over half of Brits say it’s time for the mortgage sector to catch up and go digital

18 August 2016

Half (49%) of Brits think applying for a mortgage takes too much time and should be reduced

44% said it took them over a month to get their mortgage organised

24% found the mortgage application process more stressful than the actual house move, starting a new job or going through a divorce

1 in 5 (22%) would avoid moving house again as the mortgage application process is too stressful

With the mortgage industry under scrutiny following a post-Brexit ripple effect, coupled with the recent BoE base interest rate cut, the British public are taking a closer look at their options – and they’re not impressed.

Research conducted by new digital mortgage provider BlueZest revealed that nearly half (49%) of Brits think that applying for a mortgage takes too much time, with 44% reporting that their application took over a month and over half (56%) think that it’s crying out for innovation and should be digitalised.

Over a fifth (22%) of those surveyed found the mortgage application process so painful that that they would avoid moving house again and 24% found applying for a mortgage more stressful than the actual house move, starting a new job or going through a divorce.

Russell Gould, CEO, BlueZest said, “Applying for a mortgage is a notoriously laborious task that most of us are resigned to as a necessary evil. The results of this research reflect the notion that we’ve heard time and time again in our conversations with homeowners, intermediaries and business owners. Applying for a mortgage takes too long, it’s too complicated and it’s highly stressful.

Delays are caused by outdated, manual processes and lots of ‘paperwork’ and it was from frustration with current archaic practices like these that BlueZest was born.  We aim to introduce a digital alternative supported by an online application process that enables us to make a mortgage decision in under 30 minutes.”