Creating head space during the mortgage process.
Never has our mental well being been at the forefront of the media, or such a priority at work. A lot of this is as a result of the pandemic and the isolation and fear that people may have felt during the last eighteen months.
Whilst moving home is supposed to be one of the happiest experiences of our lives, there is no denying that it comes with a huge amount of stress with at least one in four experience severe stress during the mortgage application process.
We could suggest that you 'remain positive', but it's much more practical to offer useful advice and tips, so here they are!
How can you make the mortgage application process stress free?
Get educated on how the process works.
One of the most common triggers of stress in the mortgage process is not knowing what's happening and what's to come. Often as a consequence of this, many simply decide to bring a halt to the process.
Whilst there are several stages to the mortgage process, it is just that – a process - an understanding of these stages enables applicants to feel more empowered and prepared for the next steps.
Adverts and articles are often packed full of confusing jargon and heavy text which can make it difficult to understand. Our advice? Talk to us.
We’ll spare you the financial and property lingo and go through every stage of the process to ensure you understand exactly what’s going to happen. No stress!
Start planning your mortgage application early.
Rushing leads to mistakes and when a mortgage application is involved, this can only lead to more stress and delays - and that could result in you losing your dream home! So, do yourself a favour and plan early.
Your mortgage application will need to be supported by a range of documents (we’ll tell you what’s needed) and more importantly you’ll need to have made decisions about your dream property and financial future. Start planning as soon as you’re interested in buying a property so that you broadly know in which direction you’re headed from the outset.
Identify all of your mortgage options.
The mortgage process is full of significant decisions ranging from budget, type of property, the best type of mortgage and which lender to choose. The wrong choice could cost you thousands which is why we (naturally) suggest that you speak to an independent broker like First Financial Solutions. We'll identify the best options for you and talk you through them.
Give yourself some headspace.
Wondering whether your mortgage application has been accepted can be all-consuming, leading to sleepless nights and anxiety. Being prepared will give the lender all the information they need upfront so that delays are minimised. But even so, take a break. Give yourself plenty of time and headspace and remove yourself from the process from time to time to avoid stress.
If you have any questions or would like to discuss the mortgage process, talk to First Financial Solutions today. A member of our experienced advisers will be happy to discuss any queries you may have. To get in touch call us on 01639 262222 or click here.
**Please be aware that your property may be repossessed if you fail to keep up repayments on your mortgage or lending secured on it.