Experian has released data that implies that the mortgage application process is not as simple as it could be, and that many borrowers enter deals without knowing the full picture.
The consumer credit reporting firm reports that 29 per cent of borrowers claimed that they underestimated the costs of moving, with those aged 25-34 being the most likely age bracket to do so, at 44 per cent.
Meanwhile, 37 per cent of homeowners said that knowing exactly what deals they would have been eligible for before applying would have made a difference.
Perhaps most eye-opening, however, is that 24 per cent of homeowners claim that the mortgage process is a bigger challenge than securing a deposit is.
Experian recently noted that searches for tracker mortgages on its platform had fallen from 38 per cent to 10 per cent of searches from July to August.
Experian Marketplace & Affinity managing director Amir Goshtai says: “Getting a mortgage is one of the biggest financial commitments many consumers will make in their lifetime and our research shows it can be overwhelming. We have become used to checking our eligibility for products like credit cards and loans for some time now, and there’s no reason the service shouldn’t be available in the mortgage market too.
“The fall in searches for tracker mortgages suggests people are nervous about further rate rises, so are instead looking at fixed deals to given themselves more certainty.”