A specialist lender surveyed over 1,000 borrowers to identify the most pervasive concerns for the upcoming year.
In a study conducted in January, RFi Group and Pepper Money found that the most common anxiety among consumers lies in securing a home loan rate best suited for their circumstances.
However, the survey also revealed that borrowers are well-aware of the struggling property market, with 40% of those surveyed worried about receiving a low valuation for their property and 37% naming rising prices and an inability to afford the property they want as cause for alarm.
Additionally, around one in three borrowers indicated concern over being declined by their bank.
Pepper’s director of sales and distribution Aaron Milburn said, “With a volatile property market and pullback from the big banks in certain parts of the lending market, consumers will be looking to trusted experts more than ever to help them determine the best solution for their individual situation.
“Consumers look to brokers and to lenders to help them navigate the complexities of the lending process. Their minds are on bigger issues, like how to get the best rate possible and whether their property will get a decent valuation.”
Milburn reaffirmed that brokers are the “most widely-preferred channel” for securing a mortgage and urged those in the industry to use their platform to ensure that customers “know that there are quality alternatives beyond the big banks.”