The specialist lender commissioned an independent survey of 2,000 UK adults. It found that 64 per cent of those who had applied for a mortgage in the last 12 months had felt stressed or anxious during the application process. This rose to 80 per cent among first-time buyers applying for a mortgage.

Two thirds (66 per cent) of mortgage applicants search online at least once a week to find out the best mortgage rates. Half (50%) of those who have applied for a mortgage since 1 July 2022 have had the product they wanted withdrawn by their lender during the application process.

Elsewhere, the MFS research found that just a third (35 per cent) of mortgage applicants believe the Government has not done enough to calm the mortgage market as interest rates have risen.

In addition, 47 per cent believe lenders should provide enough support and communication about product changes, while the vast majority (69 per cent) of mortgage applicants believe brokers are crucial to navigating the current mortgage market.

Paresh Raja, chief executive of MFS, says: The mortgage market has become more complex in the last year or so. Not only are interest rates rising, but high street lenders are withdrawing their products on a regular basis. Our research shows the toll this is taking, most notably in terms of rising stress and anxiety levels amongst mortgage applicants.

"In the current climate, it is clear that borrowers need more support. For this reason, we can see that most are turning to brokers who can help them find the best product for their needs. Lenders can also help by providing borrowers with much-needed reassurance - and they can do this through transparent servicing, adequate communication and keeping products and rates as close as possible."