In our new study, we surveyed UK remortgagers and first-time buyers to understand more about how they approach and decide on mortgage deals. We also asked brokers about their experience of finding new deals for their clients.

Here’s what we found out.

How much time are homeowners spending searching for a mortgage deal?

Remortgagers and first-time buyers admitted spending less than half a day reviewing their options before choosing a mortgage deal 1. Instead, they’re spending more time picking out items for their home including coffee machines and air fryers2.

It’s not surprising that people are spending less time searching for mortgage deals. We found that the fast-paced mortgage market meant one in six (17%) homeowners felt pressured into making a quick mortgage decision.

As a result, the majority of homeowners felt stressed (57%) and a quarter (26%) left the process feeling confused.

Are mortgage brokers easing the pressure on homeowners?

58% of homeowners told us they used a broker to help them find the best mortgage deals with 42% going directly to a lender themselves.

Working with an intermediary didn’t necessarily lead to an easier time though. 57% of people who opted to work with a broker still found the process of finding and applying for a mortgage stressful. And it’s easy to see why. ­­ 3.

Image with house icon that says The market is experiencing the largest number of mortgage deals in 16 years with 6,000 products recorded in March 2024

Industry data shows that mortgage deals stay on the market for an average of just 15 days 4. But the market is experiencing the largest number of mortgage deals in 16 years with 6,000 products recorded in March 2024 alone. The sheer scale of deals available coupled with the small window for applications is causing stress for both brokers and homeowners.

What should homeowners be factoring into their decision making?

Locking in a mortgage deal is often one of the biggest financial choices you’ll make. With fierce competition among lenders, it’s important to consider more than just the interest rate. Make sure you choose both a great deal and a reputable provider. Put some time aside to review your mortgage deal options carefully and make sure you can afford the repayments and any associated fees.

Aside from the financial aspects of a mortgage deal, one big differentiator to help you choose the right provider is a lender’s approach to customer care. You could be tied into a mortgage deal for years, sometimes up to ten. Researching the level of service you’re likely to receive is a crucial part of the decision-making process.

Check review sites like Smart Money People to understand what other mortgage holders think of providers and products before deciding.

The benefits of reading customer reviews include:

  • You get a balanced view of deals and providers
  • You get an insight into what it’s really like to be a customer
  • You can find a wider range of companies
  • You can see how lenders’ ratings change over time

Why homeowners choose Smart Money People reviews

At Smart Money People, we’re the UK’s most comprehensive customer review site for financial products and services. Over two million reviews have been shared, helping people just like you make more informed financial decisions.

Our reviews complement your wider research on products and providers. For some homeowners, price is the most important aspect of choosing a new mortgage. But for others, customer service could be the deciding factor. That's why our reviews cover a range of areas so that you can research what’s most important to you.

You can read or leave financial product reviews with us at any time, simply head to our website to get started.

1Smart Money People commissioned a survey of 300 UK adults who have taken out a mortgage in the past six months. The OnePoll survey ran 26 – 29 April 2024. OnePoll is an MRS Company Partner.

2 10% of people said they took longer to choose their coffee machine than their mortgage deal. 9% took longer to choose their air fryer than their mortgage deal

3Smart Money People’s Mortgage Lender Benchmark is a bi-annual independent study of mortgage brokers launched in June and December each year. 953 brokers shared feedback between 28 March - 30 April 2024

4 Moneyfacts UK Mortgage Trends Treasury Report 2024