A new survey reveals that 4 in 5 Brits feel the current mortgage market has impacted their mental health, with 2 in 5 seeking therapy or counselling.
The experts at Confused.com mortgages surveyed Brits on their attitudes towards remortgaging and the current mortgage market in the UK.
Key Survey Findings:
- Almost 9 in 10 responders had remortgaged in the last 5 years.
- Over a third of Brits reported remortgaging due to their current fixed-rate deal ending.
- 3 in 10 responders were excited about the potential benefits of remortgaging.
- Over half of responders were concerned about the potentially higher interest rates they would face when they remortgage.
- Over 3 in 4 Brits reported they were more concerned about mortgage rates and housing than 5 years ago.
- Over 4 in 5 responders reported that their concern impacted their mental health, with 2 in 5 seeking therapy or counselling.
| What was the primary reason for your most recent remortgage (or planned remortgage)? | All | Female | Male |
| My fixed term is coming/came to an end | 36.0% | 35.7% | 36.5% |
| To secure a cheaper deal | 22.0% | 20.9% | 23.9% |
| To fund home renovations | 19.2% | 22.5% | 13.7% |
| Debt consolidation | 8.2% | 9.6% | 5.9% |
| To release equity for other investments | 5.4% | 3.8% | 8.0% |
| I moved/am moving house and need(ed) to increase the size of my mortgage | 6.7% | 5.3% | 9.1% |
| I moved/am moving house and need(ed) to decrease the size of my mortgage | 1.9% | 1.4% | 2.7% |
- The most common reason for remortgaging in the UK was the end of a fixed term. Over a third (36%) of responders reported remortgaging because their current fixed term was ending or had ended.
| How do you feel about the process of remortgaging? | All | Female | Male |
| Excited about the potential benefits | 30.9% | 33.5% | 26.5% |
| Neutral – it’s just a necessary process | 35.1% | 34.0% | 37.0% |
| Anxious or worried | 22.7% | 21.9% | 24.1% |
| Confused or unsure | 5.0% | 4.1% | 6.4% |
| Dreading it | 6.0% | 6.1% | 5.9% |
| Other (please specify) | 0.3% | 0.5% | 0.0% |
- 35.1% of responders felt neutral about the remortgaging process, stating it was just a necessary process. However, 3 in 10 (30.9%) were excited about the potential benefits of remortgaging. This percentage was higher for females (33.5%) than males (26.5%).
- Over 1 in 5 (22.7%) responders reported feeling anxious or worried about remortgaging. This was slightly higher for males than females (24.1% versus 21.9%).
| If you have concerns or are dreading the remortgage process, can you specify why? Select all that apply. | All | Female | Male |
| About the current economic climate | 29.8% | 28.7% | 31.6% |
| Worried about potential higher interest rates | 52.1% | 54.5% | 48.0% |
| Bad past experience | 15.3% | 14.2% | 17.2% |
| Lack of understanding about the process | 12.1% | 10.8% | 14.2% |
| About property value | 10.5% | 7.3% | 15.8% |
| No concerns | 9.6% | 7.2% | 13.7% |
| Other (please specify) | 0.5% | 0.5% | 0.5% |
- Over half of our responders (52.1%) reported they were concerned about the potentially higher interest rates they might face when they remortgage.
- The second most common concern was the current economic climate (29.8%).
If concerns about remortgaging, or any other financial matters, are affecting your mental health, support is available from charities such as Mind and the Mental Health & Money Advice service.
