THE vast majority of homeowners want mortgage lenders to go digital, cut out jargon and ease “frustration”.

Experts fear that the difficulty of dealing with complex mortgage paperwork can have a serious impact on your mental health.

Two in five customers, some 41 per cent, in the UK suffer from mortgage stress and 70 per cent want digital services, according to a new national study.

Paperwork and jargon are the biggest contributors to this stress, which is affecting some 625,000 new borrowers each year, the study from mortgage-broker Trussle has found.

Some 20 per cent said there was too much paperwork involved in the initial mortgage application and subsequent remortgage process, while 15 per cent claimed the industry’s prevalent use of jargon was the main issue.

When asked what could be done to reduce stress levels, a large number of customers wanted mortgages to become more digital.

Three quarters said lenders should be legally required to make their outstanding balances accessible online, while 70 per cent wanted downloadable mortgage statements.

Experts warn that because paperwork can be so time-consuming, some borrowers risk lapsing onto their lender’s high interest Standard Variable Rate (SVR) deal while attempting to remortgage.

This causes significant financial damage.

In an experiment involving one of the big six lenders, Trussle found that a mortgage customer was required to deal with 219 sheets of paper to complete their home purchase.

“I’ve experienced the frustration of struggling to secure a mortgage first hand,” said Ishaan Malhi, Trussle CEO.

“There‘s too much jargon, too much complexity, and not enough transparency. Millions of people lose out not only financially, but emotionally as a result.”

He added that the stress of mortgage paperwork can seriously impact the mental health of a house buyer.

He said: “Your mental health is no less important than your financial or physical health, so I’d like to see modern brands working hard to reduce the friction and stress of their products and services.

“If service providers focus on making the overall user experience simpler, more intuitive, and accessible, hurdles will be reduced and many people are going to save money.”