Tips for avoiding mortgage stress

Moving home is often cited as one of life’s most stressful events. In fact, a survey1 from earlier this year, found it to be more stressful than other major life events, including getting married, having a baby, starting a new job or getting divorced.

Many people find the mortgage process adds to the stress of moving home, so we have put together a few tips to help you navigate the process as smoothly as possible.

An expert mortgage adviser can help 

The mortgage process involves a number of stages and we can help you to understand each of these, including how affordability checks work, the paperwork needed by your lender and the fees and costs you need to include in your budget. If you are a first-time buyer you will need to have saved a deposit, and in most cases, the bigger the deposit you can put down, the lower your interest rate is likely to be. 

Our qualified mortgage advisers are here to support you in all aspects of the home-buying process and can save you time, money and stress. We understand the mortgage industry and process, allowing us to find the most appropriate lender and mortgage deal to suit your individual circumstances. An important stage we can help with is getting an ‘agreement in principle’ from a lender, which confirms to sellers that you are a serious purchaser.

Get your finances in order 

Lenders will check your credit score to make sure it is healthy. A higher score usually means you are a lower risk and as such you will normally be offered a wider choice of deals, with better interest rates. 

You will need to show that you have considered your income and outgoings and can comfortably afford your expected monthly mortgage payments. It’s a good idea, if you have time to plan ahead, to cut out any unnecessary expenditure. Being under time pressure can add to your stress levels, so it pays to have your finances in order before you start looking for a property and a mortgage.

Chose a good estate agent

Ask around for recommendations for a reputable estate agent. If your agent understands your circumstances fully, they can pass on relevant information to sellers. Don’t forget, if you are a first-time buyer with a mortgage offer in place, you are in a strong position as you can proceed quicker than buyers who have to sell their current home.

A survey is important 

It makes sense to carry out a survey on any property you plan to buy – understanding any repairs that may need doing before you commit to buy, can save you thousands of punds as well as saving you from a lot of stress in the future. There are different types of survey available and we can help with advice on choosing the type you need.

Your home may be repossessed if you do not keep up repayments on your mortgage