Over 40% of buyers stressed by the mortgage process, don’t be one of them

All | Home Finance | Mortgages

12th July 2018

Buying a home is, as we all know, high on the list of life events that are exhilarating and stress-inducing in equal measure.

A recent industry survey1 showed that 41% of people felt stressed by the mortgage process, so here are some top tips to help you make a success of your property purchase.

MAKE SURE YOU SAVE AND SAVE

In most cases, the bigger the deposit you can put down, the lower your interest rate is likely to be. Don’t forget you’ll need to pay other charges like legal fees and survey costs too.

WORK OUT WHERE YOUR MONEY GOES

It pays to take a long hard look at your income and outgoings; any lender considering your mortgage application will expect you to be on top of your bills and to be able to afford your monthly mortgage payments. Now is the time to cut back on subscriptions you don’t use and keep a keen eye on how much you spend on things like entertainment and meals out.

CHECK YOUR CREDIT SCORE

Lenders will expect you to have a healthy credit score. A higher score usually means you are a lower risk; the more points you score the better the chances that you’ll get credit at better rates.

GET ADVICE

Getting advice will save you time, money and stress. We are on your side, have access to a wide range of mortgage deals, know the industry and can offer useful advice on all aspects of the house buying process. We will be able to help you get an inprinciple decision from a lender, which will give a seller the confidence that you are a serious purchaser.

GET TO KNOW AN ESTATE AGENT

First-time buyers with mortgage offers in place are attractive to sellers as they can proceed more quickly than another buyer who has yet to sell. Make sure that your estate agent is aware of your position, so they can pass this information on to sellers.

DON’T FORGET TO GET A SURVEY DONE

Once you’ve found somewhere you want to buy, make sure you get it checked out by a surveyor. They’ll look out for structural problems that could be expensive to remedy.

1Trussle, 2018

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.