Two thirds of UK mortgage applicants are struggling with stress and anxiety, new research from Market Financial Solutions (MFS) reveals.

MFS commissioned an independent survey of 2,000 UK adults and found that 64% of those who have applied for a mortgage in the past 12 months have struggled due to the process.

Among first-time buyers applying for mortgages, the figure rises to 80%.

Meanwhile, the research shows that 66% of mortgage applicants search online at least once a week to uncover the best mortgage rates available.

Half of those who have applied for a mortgage since 1 July 2022 said they have seen their desired product withdrawn by a lender during the application process.

MFS’s research found that just 35% of mortgage applicants think the government is doing enough to calm the mortgage market.

Overall, 47% think lenders should be providing enough support and communication about product changes, with the vast majority (69%) of applicants saying that brokers are essential for navigating the current mortgage market.

MFS chief executive Paresh Raja says: “The mortgage market has become far more complicated to navigate over the past year or so.

“Not only are rates going up but there are regular product withdrawals from high-street lenders.

“Our research shows the toll this is taking, most notably with elevated levels of stress and anxiety among mortgage applicants.

“Borrowers clearly need more support in the current climate. To that end, we can see that most are turning to brokers who can help them locate the best products for their needs.”

She adds that lenders can also help by providing ‘much-needed assurance’ to borrowers.