As many as four in five Brits feel the current mortgage market has impacted their mental health, with two in five (40%) seeking therapy or counselling.
The number of people worried about their finances – and mortgages in particular – has been revealed by a study by Confused.com.
The price comparison site surveyed Brits on their attitudes towards remortgaging and the current mortgage market in the UK.
It found almost nine in 10 respondents had remortgaged in the past five years, with more than a third of Brits remortgaging due to their current fixed rate deal ending.
Three in 10 survey respondents were “excited” about the potential benefits of remortgaging. But more than one in five (22.7%) respondents reported feeling anxious or worried about switching to a new mortgage deal. This was slightly higher for men than women (24.1% versus 21.9%).
More than half (52%) of those questioned were worried about potentially higher interest rates, while 30% were worried about the current economic climate.
About three quarters (75%) of people who took part in the survey told researchers they were more concerned about mortgage rates and housing than five years ago. A small minority (6%) of respondents reported they were “dreading” the process of remortgaging.
More than four in five (83%) respondents reported that their concerns impacted their mental health, with 16.3% reporting “significant” effects. Males were more likely not to report that their concerns affected their mental health (20.6%) compared to women (15.3%).
Around two in five (39.4%) survey respondents had sought therapy or counselling for their mental health due to their concerns surrounding mortgage rates and housing. This was significantly higher for women (49.6%) than men (19.4%).
Mortgage rates are currently at a 15-year high, meaning those borrowers who decide to remortgage may find the rates available are higher than their current fixed rate deal.
