OGC Portfolio company, Trussle study finds 8 per cent of people cry while attempting to get first mortgage Close to one in ten (8 per cent) homeowners admit they were reduced to tears while attempting to secure their first mortgage, according to research from online mortgage broker Trussle. That’s the equivalent of 27,000 first-time buyers crying as a result of their mortgage application process last year. One in ten (9 per cent) respondents, the equivalent of a million people, say they’ve been discouraged from switching mortgage by their experience of being a first-time buyer, while for 13 per cent, it’s actually discouraged them from moving home.
In the study of 2,000 homeowners, it was also found that roughly a quarter (23 per cent) were forced to take time off work to make arrangements for their first mortgage. Applied to last year’s 338,000 first-time buyers, this equates to 77,740 people taking a day off in 2016. Many find the traditional mortgage application process to be opaque and time-consuming, with one in four (23 per cent) borrowers reporting that they found the experience to be stressful, while 5 per cent felt compelled to complain to their lender or broker about the service they received. The negative experience so often associated with securing a mortgage is also leading to inertia among current borrowers.