"Delays are caused by outdated, manual processes and lots of ‘paperwork’ and it was from frustration with current archaic practices like these that BlueZest was born."
56% of those surveyed by new online mortgage provider BlueZest say the process is "crying out for innovation" and should be digitalised.
Over a fifth (22%) say they found the mortgage application process so painful that that they would avoid moving house again and 24% found applying for a mortgage more stressful than the actual house move, starting a new job or even going through a divorce.
Russell Gould, CEO of BlueZest, said: “Applying for a mortgage is a notoriously laborious task that most of us are resigned to as a necessary evil. The results of this research reflect the notion that we’ve heard time and time again in our conversations with homeowners, intermediaries and business owners. Applying for a mortgage takes too long, it’s too complicated and it’s highly stressful.
"Delays are caused by outdated, manual processes and lots of ‘paperwork’ and it was from frustration with current archaic practices like these that BlueZest was born. We aim to introduce a digital alternative supported by an online application process that enables us to deliver a mortgage decision in under 30 minutes.”
