A survey by online mortgage broker Habito has revealed that millennials (25–34-year-olds) are the most fearful of getting a mortgage.
The broker conducted the survey to highlight how the British mortgage processes’ antiquated and archaic approach strikes fear into the heart of the average borrower. Getting a mortgage, ranked third place on a list of the most stressful scenarios, behind the death of a pet and being fired from your job.
With 28.10% of people surveyed listing getting a mortgage in their top three fears, it’s not surprising that the one in 20 homeowning millennials would rather break a bone than go through the mortgage process ever again, 23% would prefer to get an injection, and 15% would rather brave the dentists’ chair for a filling.
Millennials make up about a quarter of the UK population, and in 2017 became the largest generation in the workforce as the baby boomers head into retirement. If nothing else, Habito’s survey should help kick the mortgage industry into touch, encouraging action to take the stress and anxiety out of applying for a mortgage for this significant consumer group.
Millennials drive the digital mortgage revolution
The fears and demands of the millennial generation are undoubtedly driving the surge in the availability of online mortgage applications and brokers. The term robo-brokers is becoming more common place with the likes of Habito, Dynamo, Mojo and Hagger all vying to improve the complicated jargon-strewn mortgage process most customers have experienced.
For a generation that has grown up attached to a mobile phone and with online shopping as the norm, not a novelty, every mortgage lender should be overhauling, digitalising and simplifying the mortgage application process if they want to compete for their business.