Moving home is never easy. There’s a lot of paperwork and moving parts; that’s why our residential conveyancing solicitors aim to make the process as simple and straightforward as possible. Sadly, it seems many people feel the financial side of this process needs some work.
41% Say Obtaining a Mortgage is Stressful
According to online mortgage broker Trussle, 41% of homeowners have described the process of obtaining a mortgage as stressful. Why? Well, jargon and the mounds of paperwork were cited as the two most common complications.
It appears people are calling for change. 73% of those surveyed said that a legal requirement for lenders should be introduced which enables outstanding balances to be accessed online, whereas 70% said they think mortgage statements should be available to download.
In an experiment with a Big Six lender and a local conveyancing firm, Trussle found the applicant had to deal with 219 sheets of paper. Multiply this by the 1.5million new mortgage customers the UK had last year, and that equals a whopping 328million sheets.
Trussle’s Founder and CEO, Ishaan Malhi, said:
“I’ve experienced the frustration of struggling to secure a mortgage first-hand. There‘s too much jargon, too much complexity, and not enough transparency. Millions of people lose out not only financially, but emotionally as a result. Your mental health is no less important than your financial or physical health, so I’d like to see modern brands working hard to reduce the friction and stress of their products and services.
“The mortgage sector has traditionally been one of the worst offenders, with 40% of borrowers finding the process stressful and a third sitting on the wrong mortgage, collectively spending £15bn a year too much on interest as a result.
“If service providers focus on making the overall user experience simpler, more intuitive, and accessible, hurdles will be reduced and many people are going to save money in the process.”
How Can Your Solicitor Make Moving Easier?
As one of the leading conveyancing law firms in Wales, we pride ourselves on the high level of service we offer our clients. Although we have no influence over your mortgage provider, we aim to make the rest of the process of moving as stress-free as possible by:
• Offering a fixed fee cost with no hidden extras and a no sale no fee policy.
• Providing clear and frequent communication about progress.
• Assigning one qualified and friendly solicitor to your case, who will be your point of contact for the duration.
• Avoiding delays and ensuring completion dates are met.
• Utilising our in-depth knowledge of the Help-to-Buy Scheme (if applicable)
If you’re looking to minimise remortgage or first-time home buyer stress, get in touch with our team of residential conveyancing solicitors today by calling 0808 178 2773.
